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
| Question | Answer |
|---|---|
| Biweekly | occurring every two weeks |
| Dependent | a person who relies on someone else 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 | money derived from paid work. |
| Employee | a person employed for wages or salary, especially at nonexecutive level. |
| Employer | a person or organization that employs people. |
| Exemptions | a dollar amount that can be deducted from an individual's total income, thereby reducing. the taxable income. |
| Federal Income Tax | a tax on income and is imposed by the U.S. federal government. |
| FICA (abbreviation and definition) | Federal Insurance Contributions Act - U.S. payroll tax deducted from workers' paychecks that funds the Social Security and Medicare programs. |
| Fringe Benefits | an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc. |
| Gross Income | all the money you earn before taxes and other deductions are subtracted. |
| Hourly Wage | the amount an employee is paid per hour they work |
| Income Tax | tax levied by a government directly on income, especially an annual tax on personal income. |
| Medicare Tax | a tax charged to individuals in order to fund the Medicare system. |
| Net Income | the amount of money you bring home after taxes and deductions are taken out of your paycheck |
| Overtime Pay | the compensation employees get for working longer than standard hours. |
| 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 additional income a salesperson earns based on the number of sales they've made |
| Social Security Tax | a federal insurance program that provides benefits to retired people and those who are unemployed or disabled. |
| Tax Deduction | an item or expense that can reduce the taxes a person owes in a given year. |
| Tips | extra money given to thank an individual for their service |
| W2 Form | 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 | an IRS form that you complete to let your employer know how much money to withhold from your paycheck for federal taxes. |
| Withholding | the income an employer takes out of an employee's paycheck and remits to the federal, state, and/or local government |
Created by:
DScheffer24
Popular Finance sets