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Taxes and Income

TermDefinition
Biweekly every 2 weeks or twice a week
Dependent requring soemthing finacnially or ther support
Direct Deposit pay goes directly inot your bank account
Earned Income the money you mke after working
Employee someone who works at a business
Employer someone who hires someone to their business
Exemptions being opted out of somethng
Federal Tax Income a tax that is levied by the united states
FICA Federl insurance contributions act
Fringe benefits benefits that are given by employers above nd beyond any financial compenstion
Gross Income total pay a worker earns
Hourly Wage the amoutn fo money you get paid an hour
Income Tax taxation of the amount youe rn
Medicare Tax hospital insurance tax, funds portion of the medicre insurnace program
Net Income mount fo money a corp has earned
Overtime Pay amount of pay you get when you work over 40 hours
Profit sharing people who work for the company get a share of the profit
Salary how much you make a year
Sales commision sales commisoon is an incentive awarded to the employees and centractual reps
social security tax to fudn the social security progrma
Tax deduction expene subtracted from your earned py
Tips a gratuity is a sum of money given by a clunet
W2 Form tax statement
W4 form eomployees witholding certificte
Withholding refusal to give soemthing that is due
Created by: jfox22
Popular Finance sets

 

 



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