Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Income and taxes
| Term | Definition |
|---|---|
| done, produced, or occurring every two weeks or twice a week | Biweekly |
| a person who relies on someone else for financial support and can include children or other relatives | Dependent |
| the electronic transfer of a payment directly from the account of the payer to the recipient's account. | Direct Deposit |
| money derived from paid work. | Earned Income |
| a person employed for wages or salary, especially at nonexecutive level. | Employee |
| a person or organization that employs people. | Employer |
| reduces the amount of income that is subject to income tax | Exemptions |
| a marginal tax or progressive tax and apply to all forms of earnings that make up a taxpayer's taxable income | Federal Income Tax |
| Federal Insurance Contributions Act - a U.S. federal payroll tax | FICA |
| compensation that is in addition to direct wages or salaries | Fringe Benefits |
| all the money you earn before taxes and other deductions are subtracted | Gross Income |
| a rate paid per hour of work | Hourly Wage |
| a tax levied on the wages, salaries, dividends, interest, and other income a person earns throughout the year | Income Tax |
| a percentage of gross wages that all employees, employers and self-employed workers must pay to fund Medicare. | Medicare Tax |
| the amount an individual or business makes after deducting costs, allowances and taxes. | Net Income |
| hours worked over 40 in a workweek at a rate not less than time and one-half their regular rates of pay. | Overtime Pay |
| a system in which the people who work for a company receive a direct share of the profits. | Profit Sharing |
| 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. | Salary |
| the amount of money a salesperson earns based on the number of sales they have made | Sales Commission |
| a percentage of gross wages that most employees, employers and self-employed workers must pay to fund the federal program | Social Security Tax |
| a provision that reduces taxable income | Tax Deduction |
| Money given for exceptional service | Tips |
| 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. | W2 Form |
| an IRS form that you complete to let your employer know how much money to withhold from your paycheck for federal taxes | W4 Form |
| the income an employer takes out of an employee's paycheck and remits to the federal, state, and/or local government | Withholding |
Created by:
kbrunn
Popular Finance sets