CFM
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| biweekly | occurring every two weeks
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| dependent | a person who relies on another, especially a family member, for financial support.
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| direct deposit | the electronic transfer of a payment from the account of the payer to the recipient's account.
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| earned income | money from paid work.
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| employee | a person employed for wages or salary.
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| employer | a person or organization that employs people.
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| exemptions | the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents.
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| federal income tax | a tax on workers' salaries
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| fica | Federal Insurance Contributions Act - united states payroll tax directed to employees and employers.
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| fringe benefits | an extra benefit supplementing an employee's salary - company car, meals, heathcare.
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| gross income | sum of all wages before any deductions or taxes.
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| hourly wage | the hourly rate an employee is paid.
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| income tax | tax on personal income.
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| medicare tax | tax that goes to medicare.
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| net income | Net income is calculated by subtracting expenses from gross income.
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| overtime pay | money earned at an increased rate for working more than the usual number of hours in one week
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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 made by an employer to an employee.
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| sales commissions | The amount of money that an individual receives based on the level of sales made.
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| social security tax | tax that goes to social security program.
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| tax deduction | deduction that lowers a person’s tax liability by lowering his taxable income.
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| tips | money given to a worker from a customer for the work performance.
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| w2 form | it’s the "wage and tax statement" that discloses your taxable income for the year.
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| w4 form | On the form, employees claim withholding allowances.
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| withholding allowance | when you claim an allowance, you’re telling your employerthat you qualify not to pay a certain amount of tax.
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