income and taxes
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each of the black spaces below before clicking
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| bi weekly | periodical that appears 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 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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| expemption | the process of freeing or state of being free from an obligation or liability imposed on others.
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| federal incom tax | A federal income tax is 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 | Federal Insurance Contributions Act (FICA) is a United States federal payroll tax imposed on both employees and employers to fund Social Security and Medicare—federal programs
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| fringe benefits | 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 accounting for taxes or deductions. 2. A company's revenue minus cost of goods sold. Also called gross profit and, when it is expressed as a percentage of revenue, gross margin.
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| hourly wage | 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 | Investment & Finance Definition
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| net income | is the residual amount of earnings after all expenses have been deducted from sales.
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| overtime pay | s time and one-half of the employee's regular rate of 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 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 | additional compensation the employee receives for exceeding expectations.
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| social security tax | Social Security tax is usually collected in the form of payroll tax or self-employment tax.
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| 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.
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| tips | a sum of money given to someone as a reward for their services.
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| w2 form | he 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 form | ells 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.
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| withholdiong allowance | 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.
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