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Income and Taxes
| Definition | Term |
|---|---|
| Done, produced, or occurring every two weeks. | Biweekly |
| Requiring someone or something for financial or other support. | Dependent |
| Electronic transfer of a payment directly from the payers account to the recipients account. | Direct Deposit |
| Money derived from paid work. | Earned Income |
| A person working for another for waged or salary. | Employee |
| A person or organization that has people working for them. | Employer |
| Freeing from an obligation or liability imposed on others. | Exemptions |
| A tax on annual earnings for individuals, businesses, and other legal entities. | Federal Income Tax |
| Federal Insurance Contributions Act. A federal payroll tax deducted from each paycheck. | FICA |
| An extra benefit supplementing an employees salary' such as a company car, subsidized meal, health insurance, etc. | Fringe Benefits |
| An individuals total earnings before taxes/ other deductions. | Gross Income |
| The amount of money an employee earns for each hour during a workweek. | Hourly Wage |
| Taxes levied by a government directly on income, especially an annual tax on personal income. | Income Tax |
| A percentage of gross wages that all employees must pay to fund Medicare. | Medicare Tax |
| The amount an individual or business makes after deducting costs, allowances, and taxes. | Net Income |
| Employees covered by the Fair Labor Standards Act must receive extra pay for working over 40 hours in a week. No less than a time and a half. ($13.50 per hour= $20.25 each overtime hour) | Overtime Pay |
| A system in which people working for a company receive a direct share of the profits earned. | Profit Sharing |
| A regular payment paid to an employee for their work. | Salary |
| The amount of money a salesperson earns base on the amount of sales they have made. The additional money often complements a standard salary. | Sales Commissions |
| A percentage of gross wages that most employees/employers/ self employed workers must pay to find the federal program. | Social Security Tax |
| Subtracting an item from taxable income to lower the amount of taxes owed. | Tax Deduction |
| A sum of money tendered for a service provided/ preformed. | Tips |
| Shows important information about the income you've earned from your employer, the amount of taxes withheld from your paycheck, benefits provided, and other information from the year. | W2 Form |
| Completed by employees to let their employers know how much tax to withhold from their paycheck. | W4 Form |
| Deduct tax from an employers paycheck and send it directly to the government. | Withholding |
Created by:
pwood24
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