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Income and taxes
| Term | Definition |
|---|---|
| Biweekly | once every two weeks or twice a week |
| Dependent | someone or something that relies on another for support |
| Direct deposit | a method of electronic funds transfer where money is automatically deposited |
| Earned income - | money or compensation received for work performed |
| Employee | person hired by another to perform work for compensation, typically with the employer having the right to control the details of how the work is done |
| Employer | a person company or organization that hires one of more people pays them a wage or salary and has power to control their work |
| Exemptions | release from a rule obligation or consequence that others are subject to |
| Federal income tax | a mandatory payment to the US government administration by the Internal Revenue Service |
| FiCA | the federal insurance contributions act |
| Fringe benefits | non cash goods property or services provided by an employer in addition to an employees regular pay |
| Gross income | the total amount of money an individual or business earns from all sources before any taxes or deductions are taken out |
| Hourly wage - | the amount of money an employee is paid for each hour of work |
| Income tax | a mandatory payment that individuals and businesses make to a government based on their earning or profits |
| Medicare tax - | payroll tax that funds the hospital insurance part of the federal Medicare program |
| Net income - | the amount of money left over after all |
Created by:
Hstephens27
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