Question | Answer |
Being payed every two weeks | Bi Weekly |
A person that you support financially. (lives in your house) | Dependant |
Money that is automatically sent to your bank account | Direct Deposit |
All taxable income | Earned Income |
A person that works for you | Employee |
A person that owns a business/ hires employees | Employer |
the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents | Exemptions |
A tax based upon a persons income bracket | Federal Income Tax |
Federal Insurance Contributions Act: Makes employers withhold a social security tax, medicare tax, and medicare surtax | FICA |
Forms of payment for work other than money: work vehicle | Fringe Benefits |
All income from whatever source | Gross Income |
The amount you earn per hour | Hourly Wage |
A tax on the money that you make | Income Tax |
A flat tax on earned income that pays for medicare | Medicare Tax |
An entity's income minus cost of goods sold, expenses and taxes for an accounting period. | Net Income |
Additional money earned after working 40 hours in a week. At least tome and a half. | Overtime Pay |
A portioned of profits that is divided among employees | Profit Sharing |
An amount of money that is predetermined as pay for a period of time. Doesn't increase for working over 40 hours a week. | Salary |
A portion of your sales that is given back to you | Sales Commision |
Tax that goes towards funding the social security fund. | Social Security Tax |
An amount of your taxes that you don't have to pay based upon your dependents and other deductions | Tax Deduction |
Extra money given to someone after a purchase to increase that persons take home cash | Tips |
a standard tax form showing the total wages paid to an employee and the taxes withheld during the calendar year: prepared by an employer for each employee | W2 Form |
A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer. The W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck | W4 Form |
Employee-claimed exemptions on the tax form employers use to determine how much of an employee's pay to subtract from his or her paycheck to remit to the tax authorities. | Withholding Allowance |