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.
Help!
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| bi weekly | every two weeks
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| dependent | someone or something relying on help
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| direct deposit | a electronic transferring payment into a persons bank account
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| earned income | money deprived from paid work
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| employee | person employed fr wages and salary
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| employer | someone who hires other people
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| exemptions | stopping someone from paying taxes with a certain amount of income for them or there dependents
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| federal income tax | tax taken by the state on annual earnings for individuals
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| FICA (abbreviation and definition) | (Federal Insurance Contributions Act) creates a payroll requiring deduction from paychecks
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| Fringe Benefits | extra money supplementing the employees salary
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| Gross income | Total amount of income earned annually
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| Hourly Wage | how much you make an hour
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| Income tax | tax levied by a government directly on income
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| Medicare Tax | used to fund the medicare program
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| Net income | Net income also refers to an individual's income after taking taxes and deductions into account.
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| Overtime pay | overtime pay is time and one-half of the employee's regular rate of pay
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| Profit Sharing | 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 | Commission is a sum of money that is paid to an employee upon completion of a task, usually selling a certain amount of goods or services
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| Social Security Tax | ocial Security tax is usually collected in the form of payroll tax or self-employment tax
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| Tax Deduction | 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 customarily given by a client or customer to a service worker, in addition to the basic price
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| W2 form | 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 | Form W-4 is an Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation to the employer.
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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 paycheck to remit to the tax authorities
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