Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Income and Tax
| Term | Definition |
|---|---|
| BiWeekly | occurring every two weeks or twice a week |
| Dependent | requiring someone or something for financial, emotional, or other support |
| Direct Deposit | A direct deposit is an electronic payment made into a checking or savings account |
| Earned Income | includes all income from employment, but only if it is includable in gross income. Examples of earned income are: wages; salaries; tips |
| Employee | a person employed for wages or salary, especially at nonexecutive level |
| Employer | a person or organization that employs people |
| Exemptions | A tax exemption excludes certain income, revenue, or even taxpayers from tax altogether |
| Federal Income Tax | the tax levied by the Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities |
| FICA | The Federal Insurance Contributions Act is a United States federal payroll contribution directed towards 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 | Gross income represents the total income from all sources, including returns, discounts, and allowances, before deducting any expenses or taxes |
| Hourly Wage | pay that a person earns based on a set hourly rate |
| Income Tax | tax levied by a government directly on income, especially an annual tax on personal income |
| Medicare Tax | a federal employment tax that funds a portion of the Medicare insurance program |
| Net Income | also called net earnings, is sales minus cost of goods sold, general expenses, taxes, and interest |
| Overtime Pay | the amount of time someone works beyond normal working hours |
| 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 Commission | the percentage of the value of a sale that a sales associate or sales representative may earn |
| Social Security Tax | the tax levied on both employers and employees to fund the Social Security program |
| Tax Deduction | is a deduction that lowers a person's or an organization's tax liability by lowering their taxable income |
| Tips | a sum of money given to someone as a reward for their services |
| W2 Form | is an Internal Revenue Service tax form used in the United States to report wages paid to employees and the taxes withheld from them |
| W4 Form | Form W-4 is an Internal Revenue Service tax form completed by an employee in the United States to indicate his or her tax situation to the employer |
| Withholding | also known as tax retention, Pay-as-You-Go, Pay-as-You-Earn, or a Prélèvement à la source, is income tax paid to the government by the payer of the income rather than by the recipient of the income |
Created by:
Ksakpal23
Popular Finance sets