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income and Taxes
| Question | Answer |
|---|---|
| Biweekly | Occurring every two weeks |
| dependent | requiring someone or something for financial, emotional, or other support: |
| earned income | money derived from paid work. Often contrasted with unearned income. |
| employee | a person employed for wages or salary, especially at nonexecutive level |
| employer | a person or organization that employs people: |
| exemptions | the process of freeing or state of being free from an obligation or liability imposed on others: |
| federal income tax | Federal income tax is a tax levied by the Internal Revenue Service (IRS) on the annual earnings of individuals |
| FICA | Federal Insurance Contributions Act. is a united states federal payroll. |
| fringe benefits | an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.: |
| gross income | Gross income is the total income earned by an individual before any deductions or taxes |
| hourly wage | An hourly wage is the amount of money paid for one hour of work1 |
| income tax | tax levied by a government directly on income, especially an annual tax on personal income. |
| Medicare tax | Medicare tax is deducted automatically from your paycheck to pay for Medicare Part A, which provides hospital insurance to seniors and people with disabilities. |
| net income | Net income is a company's profit after business expenses are accounted for |
| overtime pay | money earned at an increased rate for working more than the usual number of hours in one week |
| 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. |
| sales commissions | A sales commission is a monetary reward that salespeople earn for selling products and services |
| social security tax | The Social Security tax is the tax levied on employers and employees to fund the Social Security program in the U.S. |
| tax deduction | Tax deduction is a simplified phrase for meaning income that is able to be taxed and is commonly a result of expenses. |
| tips | extra income given to workers by customers |
| w2 form | the Wage and Tax Statement, is the document an employer is required to send to each employee and the Internal Revenue Service (IRS) at the end of the year. |
| w4 form | is an Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation |
| withholding | refusal to give something that is due or desired |
Created by:
dylanfranklin101107
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