Income and taxes
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| Biweekly | A periodical that appears every two weeks or twice a week.
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| Dependent | A person who relies on another, especially a family member, for financial support.
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| Direct deposit | The electronic transfer of a payment directly from the account of the payer to the recipient's account.
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| earned income | money derived from paid work
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| Employee | a person employed for wages or salary, especially at nonexecutive level
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| Employer | A person or organization that employs people.
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| Exemptions | the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents
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| Federal income tax | A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities.
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| FICA (abbreviation and definition) | Federal Insurance Contributions Act (FICA) tax is a United States federal payroll (or employment) tax imposed on both employees and employers to fund Social Security and Medicare—federal programs that provide benefits for retirees, the disabled, and child
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| Fringe benifits | an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.
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| Gross income | An individual's total personal income before taking taxes or deductions into account. 2
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| Hourly wage | describes a rate an employer agrees to pay a worker per hour worked, such as $12 per hour or $17.50 per hour. The “average” or “mean” is an estimated hourly rate calculated using the varying hourly rates of a group of workers in a specific occupation.
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| Income tax | tax levied by a government directly on income, especially an annual tax on personal income.
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| Medicare tax | This payroll tax is withheld from employees' payroll checks and is also matched by the employer. The employee and the employer each pay the Medicare tax of 1.45% of all wages and salaries
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| Net income | is an entity's income minus cost of goods sold, expenses and taxes for an accounting period
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| Overtime pay | Unless exempt, employees covered by the Act must receive overtime pay for hours worked over 40 in a workweek at a rate not less than time and one-half their regular rates of pay.
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| Profit sharring | a system in which the people who work for a company receive a direct share of the profits.
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| 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.
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| Sales commissions | meant to motivate sales persons to sell more
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| Social security tax | The tax levied on both employers and employees used to fund the Social Security program. Social Security tax is usually collected in the form of payroll tax or self-employment tax. The Social Security tax pays for the retirement and disability benefits re
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| Tax deduction | Tax deduction is a reduction of income that is able to be taxed, and is commonly a result of expenses, particularly those incurred to produce additional income. The difference between deductions, exemptions and credit is that deductions and exemptions bot
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| Tips | a sum of money given to someone as a reward for their services.
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| W2 forms | The form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year. The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck
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| W4 forms | 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.
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| Withholding allowance | 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. The more allowances you claim, the less income tax will be withheld from your payche
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