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income and taxes
| Question | Answer |
|---|---|
| BiWeekly | done, produced, or occurring every two weeks or twice a week |
| Dependent | requiring someone or something for financial, emotional, or other support. |
| 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, especially at nonexecutive level. |
| Employer | a person or organization that employs people. |
| Exemptions | the process of freeing or state of being free from an obligation or liability imposed on others. |
| Federal Income Tax | The federal income tax is a tax on annual earnings for individuals, businesses, and other legal entities. |
| FICA | 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 | is an individual’s total earnings before taxes or other deductions. |
| Hourly Wage | the amount of money that is charged, paid, or earned for every hour worked |
| Income Tax | tax levied by a government directly on income, especially an annual tax on personal income. |
| Medicare Tax | a percentage of gross wages that all employees, employers and self-employed workers must pay to fund Medicare. |
| Net Income | sales minus cost of goods sold, general expenses, taxes, and interest. |
| Overtime Pay | a fixed and regularly recurring period of 168 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 | the amount of compensation paid to a person based on the amount of sales generated. |
| 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 | 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 | reflects your income earned and taxes withheld from the prior year to be reported on your income tax returns |
| W4 Form | 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 |
Created by:
abass23
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