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Income and Taxes
Finance
| Question | Answer |
|---|---|
| Biweekly | occurring every two weeks |
| dependent | someone who relies on another person for financial support |
| direct deposit | the deposit of funds electronically into a bank account rather than through a physical paper check |
| earned income | all income from employment, but only if it is includable in gross income |
| employee | someone that another person or company hires to perform a service. |
| employer | a person or business that employs one or more people, especially for wages or salary: |
| 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 | a U.S. federal payroll tax./ a U.S. federal payroll tax. |
| fringe benefits | a form of pay for the performance of services |
| gross income | the total earnings a person receives before paying for taxes and other deductions |
| hourly wage | the amount an employee is paid per hour they work. |
| income tax | It is a tax levied by the Government of India on the income of every person. |
| Medicare tax | a tax charged to individuals in order to fund the Medicare system. |
| net income | the amount an individual or business makes after deducting costs, allowances and taxes |
| overtime pay | is the compensation employees get for working longer than standard hours. |
| profit sharing | a retirement plan that gives employees a share in the profits of a company |
| salary | money paid at regular times for work or services |
| sales commisions | the additional income a salesperson earns based on the number of sales they've made |
| social security tax | a type of payroll tax paid by employers and employees—including self-employed individuals—to fund the U.S. Social Security program. |
| sale deduction | the sum of the following deductions to the extent actually incurred in connection with the sale or commercial transfer of the Licensed Product |
| tips | a gift or a sum of money tendered for a service performed or anticipated |
| 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 forms | 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:
jfox25
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