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Income and taxes

TermDefinition
BiWeekly done, or occurring every two weeks or twice a week
Dependent Requiring someone or something for financial, emotional, or other support
Direct deposit A electronic transfer of a payment directly from the account of the payer to the recipients account
Earned income Compensation received for personal services performed or active work
Employee A person employed for wages or salary, even at a non executive level
Employer A person that employs people
Exemptions The process of freeing or state of being free from an obligation or liability imposed on others
FICA Federal Insurance Contributions Act is law requiring a mandatory payroll tax to find the social security and Medicare programs
Fringe Benefits Non-monetary compensation an employee receives in addition to their salary
Gross Income The total amount of money an individual or business earns from all sources before any taxes
Hourly wage Amount of money an employee for each hour they work
Income tax Tax levied by government directly on income, especially an Ann tax on personal income
Medicare tax A mandatory federal payroll tax that funds the Medicare health insurance program for older individuals and certain younger people with disabilities
Net income
Overtime pay
Profit sharing
Salary
Sales commissions
Social security tax
Tax deduction
Tips
W2 Form
W4 Form
Withholding
Created by: Hzwierzchowski28
Popular Finance sets

 

 



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