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Income and Taxes
| Question | Answer |
|---|---|
| BiWeekly | a periodical that appears every two weeks or twice a week. |
| Dependent | a person who relies on another, especially a family member, for financial 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 Taxes | A federal income tax is a tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities. |
| FICA | The Federal Insurance Contributions Act is a U.S. law that creates a payroll tax requiring a deduction from the paychecks of employees as well as a contribution from employers. |
| Fringe Benefits | an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc. |
| Gross Income | It is the starting point for determining the taxes that individual will pay. Sources of gross income or pay include salary, |
| Hourly Wage | a rate an employer agrees to pay a worker per hour worked, |
| Income Tax | tax levied by a government directly on income, especially an annual tax on personal income. |
| Medicare Tax | the Medicare tax is used to fund the government's Medicare program, which provides subsidized healthcare and hospital insurance benefits to retirees and the disabled. |
| Net Income | an individuals income after taking taxes and deductions into account |
| Overtime Pay | overtime pay is time and one-half of the employee's regular rate of 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 | is additional compensation the employee receives for exceeding expectations. |
| Social Security Tax | is the tax levied on both employers and employees to fund the Social Security program. |
| Tax Deductions | 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 | money given to a waiter or waitress for doing a good job serving food |
| W2 Form | The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck. |
| W4 form | is an Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation (exemptions, status, etc.) to the employer. |
| Withholding Allowance | 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:
jscheffer18
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