Question | Answer |
A periodical produced twice a month or every two months | BiMonthly |
The authority to perform a task or certain duties | 2. Commissions |
A person who relies on another, esp. a family member, for financial support | 3. Dependent |
The electronic transfer of a payment directly from the account of the payer to the recipient's account. | 4. Direct Deposit |
Money derived from paid work | 5. Earned Income |
A person employed for wages or salary, esp. a nonexecutive. | 6. Employee |
A person or organization that employs people | 7. Employer |
1.The process of freeing or state of being free from an obligation or liability imposed on others. | 8. Exemptions |
An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax... | 9. Federal Income Tax |
Federal Insurance Contributions Act. | 10. FICA (abbreviation and definition) |
An extra benefit supplementing an employee's salary | 11. Fringe Benefits |
A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrast | 12. Gross Income |
A wage is a compensation, usually financial, received by workers in exchange for their labor.. | 13. Hourly Wage |
Tax levied directly on personal income | 14. Income Tax |
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare... | 15. Medicare Tax |
the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses). | 16. Net Income |
Overtime is the amount of time someone works beyond normal working hours. Normal hours may be determined in several ways: *by custom... | 17. Overtime Pay |
a system in which employees receive a share of the net profits of the business. | 18. Profit Sharing |
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 | 19. Salary |
The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government on... | 20. Social Security Tax |
tax write-off: a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer' | 21. Tax Deduction |
A sum of money given to someone as a way of rewarding them for their services | 22. Tips |
IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service | 23. W2 Form |
Employee's Withholding Allowance Certificate. Required by Federal law to be on file with the Payroll Office before any... | 24. W4 Form |
Reduces the amount of wages subject to federal income tax withholding based on exemptions and deductions claimed on federal income tax | 25. Withholding Allowance |