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Income and Taxes

QuestionAnswer
Pay every two weeks Bi-weekly
Relying on someone else for financial support Dependent
automatic deposit of funds into your bank account electronically Direct Deposit
any income that is received from a job or self-employment earned income
an employed person employee
someone who employs another person employer
process of exempting someone from paying taxes on a certain income exemptions
tax level levied by the IRS federal income tax
Federal Insurance Contributions Act which is deducted out of each paycheck FICA
extra benefit that supplements an employees salary such as a company car Fringe benefits
total income of all sources gross income
annual salary/2080 (pay per hour) hourly wage
tax levied by a government directly on income income tax
federal tax that supports medicare medicare tax
sales minus the cost of goods net income
one and a half times regular pay when working over 40 hours in a week overtime pay
gives employees a share of the company's quarterly or annually earnings profit sharing
fixed amount of money given to worker in exchange fr work performed salary
percentage of a sale that a sales rep or associate can earn sales commission
tax levied on both employers and employees to fund the Social Security program social security tax
lowers a person's or an organization's tax liability by lowering their taxable income tax deduction
Treasury Inflation-Protected Securities, or TIPS, provide protection against inflation tips
reflects your income earned and taxes withheld from the prior year to be reported on your income tax returns W2 form
lets employers know how much taxes to with-hold from their employees W4 form
refusal to give something that is due or desired with-holding
Created by: Hlarson22
Popular Finance sets

 

 



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