CFM Word Scramble
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| Question | Answer |
| biweekly | occurring every two weeks |
| dependent | a person who relies on another, especially a family member, for financial support. |
| direct deposit | the electronic transfer of a payment from the account of the payer to the recipient's account. |
| earned income | money from paid work. |
| employee | a person employed for wages or salary. |
| 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 on workers' salaries |
| fica | Federal Insurance Contributions Act - united states payroll tax directed to employees and employers. |
| fringe benefits | an extra benefit supplementing an employee's salary - company car, meals, heathcare. |
| gross income | sum of all wages before any deductions or taxes. |
| hourly wage | the hourly rate an employee is paid. |
| income tax | tax on personal income. |
| medicare tax | tax that goes to medicare. |
| net income | Net income is calculated by subtracting expenses from gross income. |
| overtime pay | money earned at an increased rate for working more than the usual number of hours in one week |
| 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 made by an employer to an employee. |
| sales commissions | The amount of money that an individual receives based on the level of sales made. |
| social security tax | tax that goes to social security program. |
| tax deduction | deduction that lowers a person’s tax liability by lowering his taxable income. |
| tips | money given to a worker from a customer for the work performance. |
| w2 form | it’s the "wage and tax statement" that discloses your taxable income for the year. |
| w4 form | On the form, employees claim withholding allowances. |
| withholding allowance | when you claim an allowance, you’re telling your employerthat you qualify not to pay a certain amount of tax. |
Created by:
arosario20
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