Income and Taxes Word Scramble
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
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 electron transport 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 non executive level |
Employer | A person or organization that employs people |
Exemptions | The process of freeing or state of being free from an obligation or liability imposed on others |
Federal Income Tax | A tax levied by the United States Internal Revenue Service on the annual earnings of individuals, corporations, trusts, and other legal entities |
FICA | A U.S. federal payroll tax imposed on both employees and employers to fund Social Security and Medicare |
Fringe Benefits | An extra benefit supplementing an employee's salary |
Gross Income | The starting point for determining Federal and state income tax of individuals, corporations, estates, and trusts |
Hourly Wage | A rate of an employer agrees to pay a worker per hour worked |
Income Tax | Tax levied by a government directly on income |
Medicare Tax | Consists of two taxes: A 6:2 percent Social Security tax and a 1.45 percent Medicare tax |
Net Income | An entity's income minus cost of goods sold, expenses and taxes for an accounting period |
Overtime pay | The time and one-half of the employee's regular pay |
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 |
Sales Commissions | A fee paid to a broker for negotiating a sale |
Social Security Tax | The tax levied on both employers and employees used to fund the Social Security program |
Tax 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 |
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's paycheck to remit to the tax authorities |
Created by:
droehner19
Popular Finance sets