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Income and Taxes

Understanding Income and Taxes Vocabulary Flashcards

TermDefinition
BiWeekly done, produced, or occurring every two weeks or twice a week.
Dependent requiring someone or something for financial, emotional, or other support.
Direct Deposit a payment option where your funds are electronically transferred to your checking or savings account.
Earned Income any income from a job or self-employment.
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 the tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities.
FICA an acronym for “Federal Insurance Contributions Act.” FICA tax is the money that is taken out of workers' paychecks to pay older Americans their Social Security retirement and Medicare (Hospital Insurance) benefits. It is a mandatory payroll deduction.
Fringe Benefits an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.
Gross Income refers to the total amount you earn before tax, and so does your annual salary, simply take the total amount of money (salary) you're paid for the year, and then divide this amount by 12.
Hourly Wage describes a rate an employer agrees to pay a worker per hour worked, such as $12 per hour or $17.50 per hour. The “average” or “mean” is an estimated hourly rate calculated using the varying hourly rates of a group of workers in a specific occupation.
Income Tax tax levied by a government directly on income, especially an annual tax on personal income.
Medicare Tax a tax on wages that U.S. employers are liable to withhold from employees' paychecks to cover the costs of the Medicare program.
Net Income the amount of money left after all the expenses of a business have been subtracted from the gross revenue for a given reporting period, such as a fiscal quarter.
Overtime Pay money earned at an increased rate for working more than the usual number of hours in one week When he works on the weekends.
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 but often expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker.
Sales Commissions additional compensation the employee receives for meeting and exceeding the minimum sales threshold.
Social Security Tax the tax levied on both employers and employees to fund the Social Security program. It is also collected in the form of a payroll tax mandated by the (FICA) or a self-employment tax mandated by the Self-Employed Contributions Act
Tax Deduction a deduction that lowers a person's tax liability by lowering his taxable income.
Tips a form of U.S. Treasury bond designed to help investors protect against inflation. These bonds are indexed to inflation, have U.S. government backing, and pay investors a fixed interest rate as the bond's par value adjusts with the inflation rate.
W2 Form the form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of each year.
W4 Form 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 to an exemption that reduces how much income tax an employer deducts from an employee's paycheck.
Created by: dpatersin20
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