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Income and Taxes
| Question | Answer |
|---|---|
| done, produced, or occurring every two weeks or twice a week | BiWeekly |
| requiring someone or something for financial, emotional, or other support | Dependent |
| the electronic transfer of a payment directly from the account of the payer to the recipient's account | Direct Deposit |
| money derived from paid work. Often contrasted with unearned income | Earned Income |
| a person employed for wages or salary, especially at nonexecutive level | Employee |
| a person or organization that employs people | Employer |
| the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents | Exemptions |
| levied on all types of income that constitute a taxpayer's taxable income | Federal Income Tax |
| (Federal Insurance Contributions Act) The Federal Insurance Contributions Act is a U.S payroll tax deducted to fund the Social Security and Medicare programs. | FICA (abbreviation and definition) |
| perks that employers give to their employees above and beyond any financial compensation | Fringe Benefits |
| all income except as specifically exempted by the Internal Revenue Code | Gross Income |
| A regular payment, usually on an hourly, daily, or weekly basis, made by an employer to an employee, especially for manual or unskilled work | Hourly Wage |
| tax levied by a government directly on income, especially an annual tax on personal income | Income Tax |
| Medicare wages are employee earnings that are subject to a U.S. known as the "Medicare tax.". Similar to the other U.S. payroll tax, , the Medicare tax is used to fund the government's Medicare program | Medicare Tax |
| is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses | Net Income |
| money earned at an increased rate for working more than the usual number of hours in one week | Overtime Pay |
| a system in which the people who work for a company receive a direct share of the profits | Profit Sharing |
| a fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee | Salary |
| incentive awarded to the employees and contractual reps for achieving sales targets | Sales Commissions |
| tax levied on both employers and employees to fund the Social Security program | Social Security Tax |
| portion of taxable income that may be excluded from taxation when certain conditions are satisfied | Tax Deduction |
| a sum of money given to someone as a reward for their services. | Tips |
| document an employer is required to send to each employee and the Internal Revenue Service (IRS) at the end of the year | W2 Form |
| informs employers how much tax to withhold from their paycheck based on filing status, dependents, anticipated tax credits, and deductions. | W4 Form |
| refusal to give something that is due or desired | Withholding |
Created by:
cneubauer22
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