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income and taxes
| Question | Answer |
|---|---|
| BiWeekly | done, produced, or occurring every two weeks or twice a week |
| dependent | someone who relies on you for money, clothes, food |
| direct deposit | a deposit of money that goes directly to the bank account |
| earned income | the taxable income and wages you get from working |
| employee | a person employed for wages or salary |
| exemptions | a dollar amount that can be deducted from an individuals total income, thereby reducing the taxable income |
| federal income tax | a marginal tax or progressive tax and apply all forms or earning that make up a taxpayers taxable income |
| FICA | Federal Insurance Contributions Act- U.S federal payroll tax |
| fringe benefits | an extra benefits supplementing a employees salary |
| gross income | total earning before taxes |
| hourly wage | how much you make an hour |
| income tax | money you get in respect of the income or profits earned |
| medicare tax | percentage of gross wages that all employees, employers and self-employed workers must pay to fund medicare |
| net income | the money you may have available after taxes and deductions are taken out of your paycheck |
| overtime pay | getting paid time and a half working over 40 hours |
| profit sharing | a profit sharing plan accepts discretionary employer contributions |
| salary | how much you make a year |
| sales commissions | the amount of compensation paid to a person based on the amount of sales generated |
| social security tax | a percent 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 |
| w2 form | a tax form that shows important info about the income youve earned from your employer |
| w4 form | form you fill out so your employer can withhold the correct federal income tax from your pay |
| withholding | a refusal to give something that is due or desired |
| tips | am additional payment that a customer gives to an employee |
| employer | a person of the organization that employees people |
Created by:
tbraidich23
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