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Income and Taxes
| Term | Definition |
|---|---|
| BiWeekly | done, produced, or occuring every two weeks or twice a week |
| Dependent | requiring someone or something for finsncial, emotioal, or other support |
| Direct Deposit | the electronic transfer of a payment directly from the amount of the payer to the recipients account |
| Earned Income | money derived from paid work |
| Employee | a person employed for wages or salary, especially at nonexclusive level |
| Employer | a person or organization that employs people |
| Federal Income Tax | Federal income taxes are considered a marginal tax or progressive tax and apply to all forms of earnings that make up a taxpayer's taxable income |
| FICA (abbreviation and definition) | FICA is a 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 income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings |
| Hourly Wage | An hourly employee is paid a wage for each hour worked during a workweek. An hourly employee is paid for the number of hours they work per week at a determined rate. |
| Income Tax | tax levied by a government directly on income, especially an annual tax on personal income. |
| Medicare Tax | The Medicare tax is a percentage of gross wages that all employees, employers and self-employed workers must pay to fund Medicare. |
| Net Income | Net income, also called net earnings, is sales minus cost of goods sold, general expenses, taxes, and interest. |
| Overtime Pay | Overtime pay refers to the compensation you receive for working beyond normal working hours. |
| 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 | A sales commission is the amount of compensation paid to a person based on the amount of sales generated. |
| Social Security Tax | The Social Security tax is a percentage of gross wages that most employees, employers and self-employed workers must pay to fund the federal program. |
| Tax Deduction | A tax deduction is an item you can subtract from your taxable income to lower the amount of taxes you owe. |
| Tips | a sum of money given to someone as a reward for their services |
| W2 Form | Form W-2 reflects your income earned and taxes withheld from the prior year to be reported on your income tax returns. |
| W4 Form | A W-4 form is completed by employees to let employers know how much tax to withhold from their paycheck. |
| Withholding | refusal to give something that is due or desired. |
| Exemptions | the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents. |
Created by:
clangan24
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