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Income Taxes
| appearing or taking place eve | Answer |
|---|---|
| requiring someone or something for financial, emotional, or other support. | Dependent |
| the electronic transfer of a payment directly from the account of the payer to the recipient's account. | Direct Deposit |
| money derived from paid work. | Earned Income |
| a person employed for wages or salary, especially at nonexecutive level. synonyms: | Employee |
| a person or organization that employs people. synonyms: | Employer |
| the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents. | Exemption |
| A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. | Federal Income Tax |
| The Federal Insurance Contributions Act-the federal law that requires you to withhold three separate taxes from the wages you pay your employees | FICA |
| a form of pay for the performance of services | Fringe Benefits |
| the starting point for determining Federal and state income tax of individuals, corporations, estates and trusts, whether resident or nonresident | Gross Income |
| a rate an employer agrees to pay a worker per hour worked | Hourly Wage |
| a government ltax imposed on individuals or entities (taxpayers) that varies with the income or profits (taxable income) of the taxpayer | Income Tax |
| earned income, which is wages you are paid by an employer, plus tips | Medicare Tax |
| an entity's income minus cost of goods sold, expenses and taxes for an accounting period. | Net Income |
| Unless exempt, employees covered by the Act must receive overtime pay for hours worked over 40 in a workweek at a rate not less than time and one-half their regular rates of pay | Overtime Pay |
| efers to various incentive plans introduced by businesses that provide direct or indirect payments to employees that depend on company's profitability in addition to employees' regular salary and bonuses | Profit Sharing |
| 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 | Salary |
| paid in addition to a salary or instead of a salary. Percentage of the sales price of an item. | Sales Commissions |
| Federal payroll tax imposed on both employees and employers to fund benefits for retirees, disabled, and children of deceased workers. | Social Security Tax |
| a reduction of income that is able to be taxed, and is commonly a result of expenses, particularly those incurred to produce additional income. | Tax Deduction |
| Extra money given to an employee by the people being serviced | Tips |
| a standard tax form showing the total wages paid to an employee and the taxes withheld during the calendar year | W2 Form |
| completed by an employee to indicate her tax situation+tells the employer the correct amount of tax to withhold from an employee's paycheck. | W4 Form |
| Employee-claimed exemptions on the tax form to determine how much of an employee's pay to subtract from his or her paycheck to remit to the tax authorities. | Withholding Allowance |
Created by:
Tommo22
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