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income & taxes
income
| Question | Answer |
|---|---|
| BiWeekly | done, produced, or occurring every two weeks or twice a week. |
| Dependent | a qualifying child or a qualifying relative of the taxpayer |
| Direct Deposit | a free service for electronically transferring your tax refund from the Internal Revenue Service into your financial account. |
| Earned Income | money derived from paid work. |
| Employee | someone who gets paid to work for a person or company |
| Exemption | excludes certain income, revenue, or even taxpayers from tax altogether. |
| Federal Income Tax | a tax on annual earnings for individuals, businesses, and other legal entities. |
| FICA | (Federal Insurance Contributions Act) A United States federal payroll contribution directed towards both employees and employers to fund Social Security and Medicare |
| Fringe Benefits | an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc |
| Gross Income | your wages, dividends, capital gains, business income, retirement distributions as well as other income. |
| Hourly Wage | set hourly rate which is multiplied by the hours worked during a pay period. |
| Income Tax | a tax levied on the wages, salaries, dividends, interest, and other income a person earns throughout the year. |
| Medicare Tax | a percentage of gross wages that all employees, employers and self-employed workers must pay to fund Medicare. |
| Net Income | the amount an individual or business makes after deducting costs, allowances and taxes. |
| Overtime Pay | 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 | money paid at regular times for work or services |
| Sales Commissions | he amount of money a salesperson earns based on the number of sales they have made |
| 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 | Social Security tax at a rate of 6.2% with a wage-based contribution limit and they pay Medicare tax at 1.45% |
| Tips | Money that is earned for good service. |
| W2 Form | 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. |
| W4 Form | an IRS form that you complete to let your employer know how much money to withhold from your paycheck for federal taxes. |
| Withholding | the amount of an employee's pay withheld by the employer and sent directly to the government as partial payment of income tax. |
Created by:
razzarella
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