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Income and Taxes
| Question | Answer |
|---|---|
| BiWeekly | every two weeks or twice a week. |
| Dependent | requiring someone or something for financial, emotional, or other support. |
| Direct deposit | deposit of funds electronically into a bank account |
| Earned income | any income that is received from a job or self-employment |
| Employee | a person employed for wages or salary, especially at nonexecutive level. |
| Employer | a person or organization that employs people. |
| Exemptions | the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents. |
| Federal income tax | The federal individual income tax has seven tax rates ranging from 10 percent to 37 percent |
| FICA | U.S. federal payroll tax. It stands for the Federal Insurance Contributions Act and is deducted from each paycheck |
| Fringe benefits | an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc. |
| Gross income | Gross pay is the total amount of money you get before taxes or other deductions are subtracted from your salary. |
| Hourly wage | An hourly wage is the amount of money paid for one hour of work. |
| Income tax | is a tax levied on the wages, salaries, dividends, interest, and other income a person earns throughout the year. |
| Medicare tax | taxes withheld from your pay help pay for Medicare and Social Security benefits. |
| Net income | net income is the money you actually get from your paycheck each month |
| Overtime pay | Most employees must receive overtime pay at the rate of 1½ times their regular rate of pay for all hours worked over 40 in a workweek. |
| Profit sharing | profit-sharing plan gives employees a share in their company's profits based on its quarterly or annual earnings. |
| Salary | Salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed. |
| Sales commission | Sales commission is the percentage of the value of a sale that a sales associate or sales representative may earn. |
| Social security tax | Social Security is financed through a dedicated payroll tax. Employers and employees each pay 6.2 percent of wages |
| Tax deduction | A tax deduction is a deduction that lowers a person's or an organization's tax liability by lowering their taxable income. |
| Tips | Treasury Inflation-Protected Security (TIPS) is a bond that offsets the effects of rising prices by adjusting its principal value as inflation rises |
| W2 form | W-2 tax form shows the amount of taxes withheld from your paycheck for the year |
| W4 form | Form W-4 so that your employer can withhold the correct federal income tax from your pay. |
| Withholding | withholding is the amount of federal income tax withheld from your paycheck. |
Created by:
Bgiberson23
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