Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Income and Taxes
| Question | Answer |
|---|---|
| Done, produced or occurring every two weeks or twice a week. | Biweekly |
| Contingent on or determined by | Dependent |
| the electronic transfer of a payment directly from the account of the payer to the recipient's account. | Direct deposit |
| all income from employment, but only if it is includable in gross 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 |
| Income taxes in the United States are imposed by the federal government, and most states. | Federal Income Tax |
| Federal Insurance Contributions Act Tax- The Federal Insurance Contributions Act is a United States federal payroll contribution directed towards both employees and employers to fund Social Security and Medicare | FICA |
| an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc | Fringe Benefits |
| gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes | Gross income |
| pay that a person earns based on a set hourly rate. | Hourly wage |
| tax levied by a government directly on income, especially an annual tax on personal income | Income tax |
| a federal employment tax that funds a portion of the Medicare insurance program | Medicare tax |
| net income is an entity's income minus cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period | Net income |
| Overtime is the amount of time someone works beyond normal working hours. The term is also used for the pay received for this time | 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 |
| the amount of compensation paid to a person based on the amount of sales generated. | Sales commission |
| the tax levied on both employers and employees to fund the Social Security program | Social security tax |
| a deduction that lowers a person's or an organization's tax liability by lowering their taxable income | Tax deduction |
| a sum of money given to someone as a reward for their services | Tips |
| Form W-2 is an Internal Revenue Service tax form used in the United States to report wages paid to employees and the taxes withheld from them. | W2 form |
| Form W-4 is an Internal Revenue Service tax form completed by an employee in the United States to indicate his or her tax situation to the employer. | W4 form |
| the amount of federal income tax withheld from your paycheck | Withholding |
Created by:
Bellakmitch
Popular Finance sets