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Income and Taxes

QuestionAnswer
Every two weeks or twice a week BiWeekly
Requiring someone or something for financial support Dependent
Where your funds are electronically transfered to your checkings or savings account Direct Deposit
Money derived from paid work Earned Income
A person employed for wages and salary Employee
A person or organization that employs people Employer
The process of exempting(keeping) someone from having to pay taxes on a specific amount of income Exemptions
The tax levied by the IRS on the annual earnings of individuals Federal Income Tax
Federal Income Contributions Act- The US federal payroll tax FICA
An extra benefit supplementing an employees salary Fringe benefits
Your income before taxes Gross Income
The amount you get paid per hour Hourly Wage
Tax levied by a government directly on income Income Tax
A tax that employers are liable to withhold from employees’ paycheck Medicare Tax
The amount of money you get paid after taxes Net Income
Hourly pay x 1.5 x overtime hours worked. The pay you get for working overtime Overtime Pay
A program that awards employees a percentage of the company’s profits Profit Sharing
A regular fixed payment Salary
The percentage of the value of a sale the a sales associate/representative may earn Sales Commission
Tax levied on both on employers and employees to fund Social Security Tax
A tax that lowers a persons’s or organization’s tax liability Tax Deduction
A taxable payment given to an employee by a customer Tips
Records an employee’s annual wages and the amount of taxes withheld from their paycheck W2 Form
An IRS tax form that is filled out by employees to indicate their tax situation to their employer W4 Form
Takes a set payment from an employee and gives it to the government Withholding
Created by: Emorton211
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