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income and vocab rev
| Term | Definition |
|---|---|
| BiWeekly | done, produced, or occurring every two weeks or twice a week |
| dependent | contingent on or determined by. |
| direct deposit | the electronic transfer of a payment directly from the account of the payer to the recipient's account. |
| earned income | money or compensation received for performing work or services. This includes wages, salaries, tips, bonuses, and net earnings from self-employment. |
| employee | a person employed for wages or salary, especially at nonexecutive level |
| employer | a person or organization that employs people. |
| exemptions | the process of freeing or state of being free from an obligation or liability imposed on others. |
| federal income tax | a mandatory payment to the U.S. government, levied by the Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, and other legal entities. |
| FICA | a U.S. federal payroll tax that funds the national Social Security and Medicare programs, which provide benefits for retirees, people with disabilities, and those needing healthcare. Key Details about FICA |
| fringe benefits | a form of non-wage compensation provided by an employer in addition to an employee's regular salary |
| gross income | the total amount of income an individual or business receives from all sources before any taxes, deductions, or expenses are subtracted |
| hourly wage | the amount of money an employer pays an employee for each hour of work, which is a common compensation method for part-time or hourly workers. |
| income tax | a mandatory payment or charge collected by governments from individuals and businesses based on their earnings or profits |
| medicare tax | a U.S. federal payroll tax that funds the government's Medicare program, which provides health insurance primarily for individuals aged 65 and older |
| net income | a company's or individual's earnings after all costs and expenses have been deducted from revenue |
| overtime pay | premium pay that employees receive for hours worked beyond the standard workweek, which is often 40 hours for non-exempt employees |
| profit sharing | a type of employee benefit plan where a company distributes a portion of its profits to employees |
| salary | 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. |
| sales commissions | a form of compensation, typically a percentage of a sale or a fixed amount, paid to a salesperson upon completing a sale. |
| social security tax | a mandatory federal payroll tax on earned income that funds the U.S. Social Security program, which provides retirement, disability, and survivor benefits. |
| tax deductions | an expense that can be subtracted from your total or gross income to arrive at a lower taxable income |
| tips | a gratuity for employees, useful advice or information, or a specific type of financial instrument |
| W2 Form | an annual informational tax return used to report the total taxable wages paid to an employee and the federal, state, and FICA (Social Security and Medicare) taxes withheld from those wages throughout the calendar year. |
| W4 Form | a mandatory Internal Revenue Service (IRS) document that an employer must collect from every new employee to determine the correct amount of federal income tax to withhold from their paychecks. |
| withholding | the process where an employer deducts a portion of an employee's wages and sends it directly to federal, state, and local tax authorities as a prepayment for the employee's tax liabilities. |
Created by:
ccarver26