Income and Taxes Word Scramble
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Term | Definition |
BiWeekly | appearing or taking place every two weeks or twice a week. |
Dependent | requiring someone or something for financial, emotional, or other support. |
Direct Deposit | the electronic transfer of a payment directly from the account of the payer to the recipient's account. |
Earned Income | money derived from paid work |
Employee | a person employed for wages or salary, especially at nonexecutive level. |
Employer | a person or organization that employs people |
Exemptions | the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents |
Federal Income Tax | A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. |
FICA (abbreviation and definition) | Federal Insurance Contributions Act requiring a deduction from paychecks and income that goes toward the Social Security program and Medicare |
Fringe Benefits | an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc. |
Gross Income | Gross income is the starting point for determining Federal and state income tax of individuals, corporations, estates and trusts, whether resident or nonresident. |
Hourly Wage | An amount of money paid each hour to compensate an employee for the amount of time he/she spends working. |
Income Tax | tax levied by a government directly on income, especially an annual tax on personal income. |
Medicare Tax | 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. |
Net Income | an entity's income minus cost of goods sold, expenses and taxes for an accounting period. |
Overtime Pay | additional amounts paid to hourly employees who work more than 40 hours in a workweek. |
Profit Sharing | a system in which the people who work for a company receive a direct share of the profits. |
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. |
Sales Commissions | The payment of commission as remuneration for services rendered or products sold is a common way to reward sales people. Payments often will be calculated on the basis of a percentage of the goods sold. |
Social Security Tax | The tax levied on both employers and employees used to fund the Social Security program. |
Tax Deduction | A deduction from gross income that arises due to various types of expenses incurred by a taxpayer. |
Tips | a sum of money given to someone as a reward for their services. |
W2 Form | The form that an employer must send to an employee and the IRS at the end of the year. |
W4 Form | A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer. The W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck. |
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. |
Created by:
grosario18
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