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income and taxes
| Question | Answer |
|---|---|
| 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 | tax levied by the United States Internal Revenue Service on the annual earnings of individuals, corporations, trusts and other legal entities. |
| FICA | Federal Insurance Contributions Act tax is a United States federal payroll (or employment) tax imposed on both employees and employers to fund Social Security and Medicare |
| Fringe Benefits | an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc. |
| Gross Income | An individual's total personal income, before accounting for taxes or deductions. |
| Hourly Wage | the amount of money that is charged, paid, or earned for every hour worked: |
| Income Tax | tax levied by a government directly on income, especially an annual tax on personal income |
| Medicare Tax | Investment & Finance Definition. A tax deducted from employees' paychecks that goes to pay for medical benefits for people over 65 years of age. |
| Net Income | In business, net income (total comprehensive income, net earnings, net profit, informally, bottom line) is an entity's income minus cost of goods sold, expenses and taxes for an accounting period. |
| Overtime Pay | Salaried nonexempt employees are still entitled to FLSA overtime pay if, when and to the extent that they actually work more than 40 hours in a work week. FLSA overtime pay is time and one-half of the employee's regular rate of pay. |
| Profit Sharing | 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. |
| Social Security Tax | A Social Security tax is the tax levied on both employers and employees used to fund the Social Security program. Social Security tax is usually collected in the form of payroll tax or self-employment tax. |
| Tax Deduction | is a reduction of income that is able to be taxed, and is commonly a result of expenses, particularly those incurred to produce additional income. |
| Tips | a sum of money given to someone as a reward for their services |
| W2 Form | is the form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year. The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck. |
| W4 Form | tells the employer the correct amount of tax to withhold from an employee's paycheck based on the employee's marital status, number of exemptions and dependents and other factors. |
| 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:
victoria75
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