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income and taxes
| Question | Answer |
|---|---|
| done, produced, or occurring every two weeks or twice a week. | bi weekly |
| requiring someone or something for financial, emotional, or other support. | dependent |
| A direct deposit, in banking, is a deposit of money by a payer directly into a payee's bank 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 |
| the process of freeing or state of being free from an obligation or liability imposed on others. | exemptions |
| a tax on annual earnings for individuals, businesses, and other legal entities. | federal income tax |
| FICA is a U.S. federal payroll tax. It stands for the Federal Insurance Contributions Act and is deducted from each paycheck. | FICA |
| an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc. | fringe benefits |
| Gross income includes your wages, dividends, capital gains, business income, retirement distributions as well as other income. Adjustments to Income include such items as Educator expenses, Student loan interest, etc. | gross income |
| n employee who is paid for the actual hours they work. | hourly wage |
| a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction. | income tax |
| a percentage of gross wages that all employees, employers and self-employed workers must pay to fund Medicare. | Medicare tax |
| refers to the amount an individual or business makes after deducting costs, allowances and taxes. | net income |
| 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. | overtime pay |
| a system in which the people who work for a company receive a direct share of the profits. | profit sharing |
| Salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed. Salary is commonly paid in fixed intervals, for example, monthly payments of one-twelfth of the annual salary. | salary |
| It's the amount of money a salesperson earns based on the number of sales they have made. This is additional money that often complements a standard salary. | sales commissions |
| a percentage of gross wages that most employees, employers and self-employed workers must pay to fund the federal program. Certain groups of taxpayers are exempt from paying social security tax. | social security tax |
| an item or expense that can reduce the taxes a person owes in a given year. | tax deduction |
| discretionary (optional or extra) payments determined by a customer that employees receive from customers. | tips |
| Form W-2 is completed by an employer and contains important information that you need to complete your tax return. It reports your total wages for the year and the amount of federal, state, and other taxes withheld from your paycheck. | W2 form |
| The W-4 Form is an IRS form that you complete to let your employer know how much money to withhold from your paycheck for federal taxes. Accurately completing your W-4 can help you prevent having a big balance due at tax time. | W4 form |
| refusal to give something that is due or desired. | withholding |
Created by:
aviannajimerson
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