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 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 freeing or state of being free from an obligation or liability imposed on others.
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| Federal Income Taxes | 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 | a U.S. law that creates a payroll tax requiring a deduction from the paychecks of employees as well as a contribution from employers.
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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 | represents the amount of money a person earns in one year from all sources before taxes
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| Hourly Wage | a rate an employer agrees to pay a worker per hour worked, such as $12 per hour or $17.50 per hour.
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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 | is used to fund the government's Medicare program, which provides subsidized healthcare and hospital insurance benefits to retirees and the disabled.
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| Net Income | an individual's income after taking taxes and deductions into account.
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| Overtime Pay | is time and one-half of the employee's regular rate of pay.
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| Profit Sharing | refers to various incentive plans introduced by businesses that provide direct or indirect payments to employees that depend on company's profitability in addition to employees' regular salary and bonuses
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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 Commission | a fee paid based on a percentage of the sale made by an employee or agent, as distinguished from regular payments of wages or salary
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| Social Security | any government system that provides monetary assistance to people with an inadequate or no income.
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| Tax Deduction | 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 | money given to a waiter or waitress for doing a good job surving food
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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.
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| W4 Forms | 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
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| With holding 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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