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Income

QuestionAnswer
Exemptions the process of freeing or state of being free from an obligation or liability imposed on others. "exemption from prescription charges"
Employer Company you work for
EMPLOOYEE Yourself
EarNED INCOME How much you make annually
Direct deposit Direct deposit into bank from paycheck
Dependent Individual you can claim on tax form
Biweekly Every other week pay
Federal income tax Taxes paid to federal government
FICA To fund sociaL SERCURITY AND MEDICARE
Fringe benefits EXTRA supplements on employees salaray
Gross income Sum of all wages
Hourly wage Money earned per hour
Medicare tax Pay to fund Medicaid
Net inxcome After all deductions what you take home
Overtime Pay provisions are contained in the Fair Labor Standards Act (FLSA).
Profit Sharing a system in which the people who work for a company receive a direct share of the profits.
Salary 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, especially a professional or white-collar worker.
Sales Commissions is the amount of compensation paid to a person based on the amount of sales generated. This is typically a percentage of
Social Security Tax the tax levied on both employers and employees to fund the Social Security program in the U.S
Tax Deduction is a deduction that lowers a person's or an organization's tax liability by lowering their taxable income. Deductions are typically expenses
Tips what people give you
W2 Form reflects your income earned and taxes withheld from the prior year to be reported on your income tax returns. ยท Employers use W-2s to report FICA taxes
W4 Form to let employers know how much tax to withhold from their paycheck based on the employee's marital status, number of exemptions
Withholding refusal to give something that is due or desired.
Created by: Agiberson22
Popular Finance sets

 

 



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