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Income and Taxes
| Term | Definition |
|---|---|
| every two weeks or twice a week. | BiWeekly |
| a person who relies on another, especially a family member, for financial support. | Dependent |
| the electronic transfer of a payment directly from the account of the payer to the recipient's account. | Direct Deposit |
| Wages, salaries, tips, and other taxable employee pay | 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 “progressive” tax, paid at a marginal tax rate, which means each range of income you receive in a year is in a different federal tax bracket and taxed at a different rate | Federal Income Tax |
| U.S. federal payroll tax. It stands for the Federal Insurance Contributions Act and is deducted from each paycheck | FICA |
| a form of pay for the performance of services | Fringe Benefits |
| the total of all income received from any source before taxes or deductions | Gross Income |
| an employee is paid an agreed rate per hour—or fraction of the hour—they work | Hourly Wage |
| tax levied by a government directly on income, especially an annual tax on personal income. | Income Tax |
| a U.S. payroll tax that funds the U.S. government's Medicare program | Medicare Tax |
| income received after mandatory withholdings and deductions, such as state and federal income tax and Social Security contributions | Net Income |
| pay for hours of work officially ordered or approved in excess of 8 hours in a day or 40 hours in an administrative workweek | Overtime Pay |
| Profit sharing refers to various incentive plans introduced by businesses which provide direct or indirect payments to employees | Profit Sharing |
| 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. | Salary |
| a sum of money paid to an employee upon completion of a task, usually selling a certain amount of goods or service | Sale Commissions |
| a type of payroll tax paid by employers and employees—including self-employed individuals—to fund the US Social Security program | Social Security Tax |
| an item or expense that can reduce the taxes a person owes in a given year | Tax Deduction |
| a sum of money customarily given by a customer to certain service sector workers such as hospitality for the service they have performed, in addition to the basic price of the service | Tips |
| a United States federal wage and tax statement that an employer must give to each employee and also send to the Social Security Administration (SSA) every year | W2 Form |
| the IRS document you complete for your employer to determine how much should be withheld from your paycheck for federal income taxes and sent to the IRS | W4 Form |
| refusal to give something that is due or desired. | Withholding |
Created by:
zwestbrook27
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