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Income and Taxes
| Term | Definition |
|---|---|
| Biweekly | something that happens twice a week or once every two weeks |
| Dependent | requiring someone or something for financial, emotional, or other 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 | the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents. |
| Federal Income Tax | a tax levied by the United States government on the annual earnings of individuals, corporations, trusts, and other legal entities. |
| FICA | a U.S. federal payroll tax. It stands for the Federal Insurance Contributions Act |
| Fringe Benefits | an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc. |
| Gross Income | the total income earned by an individual on a paycheck before taxes and other deductions. |
| Hourly Wage | the amount of money an employee is paid for each 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 other deductions are taken out of your paycheck. |
| Overtime Pay | the compensation you receive for working beyond normal working 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 extra payment for a salesperson's performance. |
| Social Security Tax | the tax levied on employers and employees to fund the Social Security program in the US. |
| Tax Deduction | an amount you subtract from your income when you file so you don't pay tax on it. |
| Tips | A small amount of money given to someone for a service or task, in addition to the basic price. |
| W2 Form | reports an employee's income from the prior year and how much tax the employer withheld. |
| W4 Forman | IRS form that you complete to let your employer know how much money to withhold from your paycheck for federal taxes. |
| Withholding | (of an employer) deduct (tax) from an employee's paycheck and send it directly to the government. |
Created by:
Sbowers26
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