Income and Taxes
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| BiWeekly | Appearing or taking place every two weeks or twice a week
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| Dependent | Requiring someone or something for financial, emotional, or other support
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| Direct Deposit | The electron transport 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 non executive level
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| Employer | A person or organization that employs people
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| Exemptions | The process of freeing or state of being free from an obligation or liability imposed on others
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| Federal Income Tax | A tax levied by the United States Internal Revenue Service on the annual earnings of individuals, corporations, trusts, and other legal entities
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| FICA | A U.S. federal payroll tax imposed on both employees and employers to fund Social Security and Medicare
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| Fringe Benefits | An extra benefit supplementing an employee's salary
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| Gross Income | The starting point for determining Federal and state income tax of individuals, corporations, estates, and trusts
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| Hourly Wage | A rate of an employer agrees to pay a worker per hour worked
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| Income Tax | Tax levied by a government directly on income
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| Medicare Tax | Consists of two taxes: A 6:2 percent Social Security tax and a 1.45 percent Medicare tax
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| Net Income | An entity's income minus cost of goods sold, expenses and taxes for an accounting period
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| Overtime pay | The time and one-half of the employee's regular pay
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| Profit Sharing | 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
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| Sales Commissions | A fee paid to a broker for negotiating a sale
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| Social Security Tax | The tax levied on both employers and employees used to fund the Social Security program
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| Tax Deduction | From gross income that arises due to various types of expenses incurred by a taxpayer
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| Tips | A sum of money given to someone as a reward for their services
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| W2 Form | The form that an employer must send to an employee and the IRS at the end of the year
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| W4 Form | A form completed by an employee to indicate his or her tax situation
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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's paycheck to remit to the tax authorities
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Created by:
droehner19
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