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Income and Taxes
| Term | Definition |
|---|---|
| BiWeekly | done, produced, or occurring every two weeks or twice a week |
| Dependent | contingent on or determined by |
| Direct Deposit | the electronic transfer of a payment directly from the account of the payer to the recipient's account |
| Earned Income | money derived from paid work |
| Employee | a person employed for wages or salary |
| Employer | a person or organization who employs people |
| Exemptions | the process of freeing or state of being free form an obligation or liability imposed on others |
| Federal Income Tax | marginal tax or progressive tax applied to all forms of earnings that makeup a taxpayer's taxable income |
| FICA (Federal Insurance Contribution Acts) | U.S. federal payroll tax |
| Fringe Benefits | an extra benefit supplementing an employee's salary |
| Gross Income | an individual's total earnings before taxes |
| Hourly Wages | a set wage for each hour an employee works |
| Income Tax | tax levied by a government directly on income, especially an annual tax on personal income |
| Medicare Tax | percentage of gross wages that all employees, employers and self-employed workers must pay to fund Medicare |
| Net Income | the amount an individual or business makes after deducting costs, allowances and taxes |
| Overtime Pay | employees who work more than 40 hours a week entitled to a higher pay rate for additional work |
| Profit Sharing | a system in which the people who work for company receive a direct share of profits |
| Salary | a fixed regular payment made by an employer to an employee |
| Sales Commissions | the amount of money a salesperson earns based on the number of sales they have made |
| Social Security Tax | a percentage of gross wages that most employees, employers and self-employed workers must pay to fund the federal program |
| Tax Deduction | a reduction of income that is able to be taxed |
| Tips | a sum of money tendered for a service performed |
| W2 Form | a form that shows important information about the income you've earned from your employer, amount of taxes withheld from your paycheck, benefits provided and other information for the year |
| W4 Form | completed by employees to let employers know how much tax to withhold from their paycheck |
| Withholding | income an employer takes out of an employee's paycheck and remits to the federal, state, and/or local government |
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