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CFM Income and Taxes
| Term | Definition |
|---|---|
| Biweekly | done, produced, or occurring every two weeks or twice a week |
| Dependent | a person who relies on another, especially a family member, for financial support |
| Direct Deposit | the electronic transfer of a payment directly from the account of the payer to the recipient's account. |
| Earned Income | Earned income is money received as pay for work performed |
| Employee | a person employed for wages or salary, especially at nonexecutive level |
| Employer | a person or organization that employs people |
| Exemptions | is a dollar amount that can be deducted from an individual’s total income, thereby reducing the taxable income. |
| 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) | (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 for an individual—also known as gross pay when it's on a paycheck—is an individual's total earnings before taxes |
| 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 | is sales minus cost of goods sold, general expenses, taxes, and interest. |
| Overtime pay | What does overtime pay mean? Unless exempt, employees covered by the Act must receive overtime pay for hours worked over 40 in a workweek at a rate not less than time and one-half their regular rates of pay. |
| 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 | money given to someone as a reward |
| 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:
Kbaker23
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