Income and Taxes
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| appearing or taking place every two weeks or twice a week. | Biweekly
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| requiring someone or something for financial, emotional, or other support. | Dependent
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| the electronic transfer of a payment directly from the account of the payer to the recipient's account. | Direct Deposit
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| money derived from paid work. | Earned Income
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| a person employed for wages or salary, especially at nonexecutive level. | Employee
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| a person or organization that employs people | Employer
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| the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents. | Exemptions
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| a tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities | Federal Income Tax
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| The Federal Insurance Contributions Act (FICA) is a U.S. law that creates a payroll tax requiring a deduction from the paychecks of employees as well as a contribution from employers | FICA
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| an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance | Fringe Benefits
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| An individual's total personal income, before accounting for taxes or deductions | Gross Income
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| A tax deducted from employees' paychecks that goes to pay for medical benefits for people over 65 years of age. Medicare tax is paid by both employee and employer. | Medicare Tax
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| the residual amount of earnings after all expenses have been deducted from sales | Net Income
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| hours worked over 40 in a workweek at a rate not less than time and one-half their regular rates of pay | Overtime Pay
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| a system in which the people who work for a company receive a direct share of the profits. | Profit Sharing
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| 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 | Salary
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| additional compensation the employee receives for exceeding expectations | Sales Commissions
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| the tax levied on both employers and employees used to fund the Social Security program | Social Security Tax
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| a reduction of income that is able to be taxed, and is commonly a result of expenses, particularly those incurred to produce additional income | Tax Deduction
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| a sum of money given to someone as a reward for their services. | Tips
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| the form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year | W2 Form
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| tells the employer the correct amount of tax to withhold from an employee's paycheck based on the employee's marital status, number of exemptions and dependents and other factors | W4 Form
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| 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
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