An event that occurs every two weeks. Such as an employee receiving a pay check every two weeks instead of every one.

Someone who relies on another someone or source for financial support.

An electronic payment method of transferring a recipients saving directly into their banking accounts.

The amount of money received from work as payment, this includes, wages, salaries, bonuses, commissions, tips, and net earnings.

An individual that works for another individual for an exchange in money.

An exclusion that reduces the amount of income that is subject to income tax.

A legal obligation charged by the US Government that is used to tax many different types of earnings

Mandatory payroll tax that funds individuals social security and medicare.

Additions given to employees along with compensation which benefit them.

The total earnings of an individual or business before deductions.

An amount of money an employee makes every hour they work.

A legal obligation that is charged by governments towards individuals and corporations. These taxes affects both earned wages and salaries.

Federal income tax that helps pay for a portion of individuals Medicare

The amount of profit a company has leftover after all deducting expenses such as operating costs, taxes, and non-operating expenses.

Compensation received for working beyond normal working hours.

When a company distributes a portion of profits to its employees as a reward and is usually based on the company's financial performance.

The fixed amount of money that an employer regularly gives to an employee for their work

Compensation given to sales representatives based on the sales that they have generated

A mandatory payroll tax in the United States designed to provide financial support to individuals who retire, become disabled, or any other circumstances.

An amount of tax you can deduct from your taxable income to lower the amount of taxes that you owe.

A United States government bond that was created to protect investors from inflation.

A document that employers send to each employee and file with the IRS to report wages paid and the amount of income tax for individuals.

A document used to determine how much federal income tax will be withheld from your paycheck.

The process where an employee deducts a portion of an employees income and remits it directly to tax authorities.

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Income and Taxes

Term	Definition
Biweekly	An event that occurs every two weeks. Such as an employee receiving a pay check every two weeks instead of every one.
Dependent	Someone who relies on another someone or source for financial support.
Direct Deposit	An electronic payment method of transferring a recipients saving directly into their banking accounts.
Earned Income	The amount of money received from work as payment, this includes, wages, salaries, bonuses, commissions, tips, and net earnings.
Employee	An individual that works for another individual for an exchange in money.
Exemptions	An exclusion that reduces the amount of income that is subject to income tax.
Federal Income Tax	A legal obligation charged by the US Government that is used to tax many different types of earnings
FICA	Mandatory payroll tax that funds individuals social security and medicare.
Fringe Benefits	Additions given to employees along with compensation which benefit them.
Gross Income	The total earnings of an individual or business before deductions.
Hourly Wage	An amount of money an employee makes every hour they work.
Income Tax	A legal obligation that is charged by governments towards individuals and corporations. These taxes affects both earned wages and salaries.
Medicare Tax	Federal income tax that helps pay for a portion of individuals Medicare
Net Income	The amount of profit a company has leftover after all deducting expenses such as operating costs, taxes, and non-operating expenses.
Overtime Pay	Compensation received for working beyond normal working hours.
Profit Sharing	When a company distributes a portion of profits to its employees as a reward and is usually based on the company's financial performance.
Salary	The fixed amount of money that an employer regularly gives to an employee for their work
Sales Commissions	Compensation given to sales representatives based on the sales that they have generated
Social Security Tax	A mandatory payroll tax in the United States designed to provide financial support to individuals who retire, become disabled, or any other circumstances.
Tax Deduction	An amount of tax you can deduct from your taxable income to lower the amount of taxes that you owe.
Tips	A United States government bond that was created to protect investors from inflation.
W2 Form	A document that employers send to each employee and file with the IRS to report wages paid and the amount of income tax for individuals.
W4 Form	A document used to determine how much federal income tax will be withheld from your paycheck.
Witholding	The process where an employee deducts a portion of an employees income and remits it directly to tax authorities.

Created by: mshuart26

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