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Income and taxes

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.

BiWeekly   Taking place every two weeks  
Dependent   Requiring someone or something for financial support  
Direct deposit   The electronic transfer of a payment directly from the account of the payer to the recipients account  
Earned income   Money derived from paid work  
Employee   A person employed for wages or salary  
Employer   A person or organization that employs people  
Exemptions   The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents  
FICA   Federal payroll tax imposed on both employees and employers to fund Social security and Medicare  
Fringe Benefits   An extra benefit supplementing an employee's salary  
Gross Income   Starting point for determining federal and state income tax of individuals, corporations, estates and trusts  
Hourly wage   Describes a rate an employer agrees to pay a worker per hour worked  
Income Tax   Tax levied by a government directly on income  
Medicare Tax   It applies only to earned income which is wages you are paid by an employer  
Net Income   An entity's income minus cost of goods sold, expenses and taxes for an accounting period  
Overtime pay   Extra pay for working more than 40 hours in a workweek  
Profit sharing   Various incentive plans introduced by businesses that provide direct or indirect payments to employees that depend on company's profitability  
Federal tax income   A tax levied by the U.S. IRS on the annual earnings of individuals  
Salary   A fixed regular payment  
Sales commissions   Sum of money paid to an employee upon completion of a task  
Social security tax   Pays for the retirement and disability benefits  
Tax deduction   Able to be deducted from taxable income when calculating income tax due  
Tips   A sum of money given to someone as a reward for their services  
W2 form   Total wages paid to an employee and the taxes withheld during the calendar year  
W4 form   Completed by an employee to indicate his/her tax situation  
Withholding allowance   Employee claimed exemptions on the tax form employers use to determine how much of an employee's pay to subtract from his/her paycheck  


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Created by: Ndawley19