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Income and Taxes
| Term | Definition |
|---|---|
| Biweekly | Occurring every two weeks or twice a week |
| Dependent | A person or thing that relies on another for support, either financially or for existence |
| Direct Deposit | Is a method of payment where funds are electronically transferred directly into a recipient's bank account |
| Earned Income | Is money or Compensation received for services preformed or work-related activities |
| Employee | A person employed for wages or salary |
| 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 | Is a mandatory levy imposed by the U.S. federal government on the annual earnings of individuals, corporations, and other legal entities |
| FICA (Federal Insurance Contributions Act) | A U.S. federal law requiring a mandatory payroll tax deduction from most workers' paychecks |
| Fringe Benefits | Are non-monetary compensation provided by an employer to an employee in addition to their regular salary and wages |
| Gross Income | Is the total amount of money a person or business earns from all sources before any taxes or deductions are taken out for Individuals |
| Hourly Wage | Is the amount of money an employee earns for each hour they work |
| Income Tax | Is a mandatory payment, or levy, collected by a government from individuals and businesses based on their earnings, profits or other taxable income. |
| Medicare Tax | Is a federal payroll tax that funds the Medicare health insurance program |
| Net Income | Is the amount of money left over after all expenses, deductions, and taxes are subtracted from total revenue |
| Overtime Pay | Is extra compensation paid to eligible employees for working more hours than a standard workweek |
| Profit Sharing | sis a system where the employer gives employees a portion of the company's profits |
| Salary | A fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum |
| Sales Commissions | A performance-based bonus paid to a salesperson for successfully selling products or services |
| Social Security Tax | Is a mandatory U.S. federal payroll tax that funds the Social Security program |
| Tax Deduction | Is an expense that can be subtracted from your total gross income to arrive at your taxable income |
| Tips | A sum of money customarily given by a customer to certain service sector workers such as hospitality for the service they have performed |
| W2 Form | Is a United States federal tax document that an employer must provide to each employee and also send to the Social Security Administration every year |
| W4 Form | Is an IRS tax document that employees in the United States fill out and submit to their employers |
| Withholding | Is an amount of income tax an employer or other income payer deducts directly from an individuals income and pays to the government on their behalf |
Created by:
dbaker26
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