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Income
| Question | Answer |
|---|---|
| Exempt | to be excused from paying taxes" based on number of people living in the house |
| Employer | Company you work for |
| Employee | Yourself- a person who works for someone else |
| Earned Income | How much you make annually |
| Direct deposit | wages/money directly deposited into bank from paycheck |
| Dependent | someone who is supported by a tax payer's income |
| Biweekly | getting paid every other week |
| Federal income tax | Taxes paid to federal government |
| FICA | taxes deducted to fund social security and medicare |
| Form 1099 | forms sent by your bank if you have earned income from a savings |
| Gross pay | Sum of all wages; what is shown on your paycheck before any deductions |
| Hourly wage | Money earned per hour |
| Piecework | work for which you are paid based on number of items produced |
| Net pay | amount of pay an employee is left with after taxes and other deductions are subtracted also known as "take home pay" |
| Overtime | Fair Labor Standards Act (FLSA) says if you work more than 40 hours a week you get paid at time and half |
| Itemized Deductions | listing the amounts spent on tax deductible expenses during the year |
| Salary | a set amount of money earned by an employee per year or other fixed length of time |
| Commission | is the amount of compensation paid to a person based on the amount of sales generated. This is typically a percentage |
| Social Security Tax | the tax on both employers and employees to fund the Social Security program in the U.S |
| Tax Deduction | reduces amount of income that is taxed |
| Tips | money given to an employee by customers in exchange for doing a service |
| W2 Form | reflects your income earned and taxes withheld from the prior year to be reported on your income |
| W4 Form | to let employers know how much tax to withhold from their paycheck based on the employee's marital status, number of exemptions |
| Allowances | factors that affect the amount of income tax that will be withheld(taken) from your check |
| Standard Deduction | on tax return, set amount that the IRS allows as a tax deduction |
| vested | entitled to all of some of your money in your retirement plan when you leave the company |
| minimum wage | lowest hourly rate an employer may legally pay most workers |
Created by:
Agiberson22
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