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Income and taxes

QuestionAnswer
BiWeeky Done, produced or occurring every two weeks
Dependent Requiring someone or something for financial, emotional, or other support
Direct deposit the electronic transfer of a payment directly from the account of the payer to the recipient's account.
Earned income Earned income is money you receive for actively working, including 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 being freed from an obligation, rule, or duty that typically applies to others
Federal income tax a government levy on the earnings of individuals and businesses
FICA U.S. federal payroll tax
Fringe benefits an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.
Gross income total money an individual or business earns from all sources before any taxes, deductions, or expenses are subtracted
Hourly wage the set amount of money an employee earns for each hour they work, with total pay calculated by multiplying the rate by hours worked, including overtime
Income tax tax levied by a government directly on income, especially an annual tax on personal income.
Medicare tax U.S. payroll tax funding the federal Medicare health insurance program for seniors and certain disabled individuals
Net income the money left over from total revenue after all expenses, costs,
Overtime pay extra compensation for work beyond regular hours
Created by: Gjimenez27
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