Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
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

Income and Taxes

QuestionAnswer
BiWeekly every two weeks or twice a week.
Dependent requiring someone or something for financial, emotional, or other support.
Direct deposit deposit of funds electronically into a bank account
Earned income any income that is received 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 federal individual income tax has seven tax rates ranging from 10 percent to 37 percent
FICA U.S. federal payroll tax. It stands for the Federal Insurance Contributions Act and is deducted from each paycheck
Fringe benefits an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.
Gross income Gross pay is the total amount of money you get before taxes or other deductions are subtracted from your salary.
Hourly wage An hourly wage is the amount of money paid for one hour of work.
Income tax is a tax levied on the wages, salaries, dividends, interest, and other income a person earns throughout the year.
Medicare tax taxes withheld from your pay help pay for Medicare and Social Security benefits.
Net income net income is the money you actually get from your paycheck each month
Overtime pay Most employees must receive overtime pay at the rate of 1½ times their regular rate of pay for all hours worked over 40 in a workweek.
Profit sharing profit-sharing plan gives employees a share in their company's profits based on its quarterly or annual earnings.
Salary Salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed.
Sales commission Sales commission is the percentage of the value of a sale that a sales associate or sales representative may earn.
Social security tax Social Security is financed through a dedicated payroll tax. Employers and employees each pay 6.2 percent of wages
Tax deduction A tax deduction is a deduction that lowers a person's or an organization's tax liability by lowering their taxable income.
Tips Treasury Inflation-Protected Security (TIPS) is a bond that offsets the effects of rising prices by adjusting its principal value as inflation rises
W2 form W-2 tax form shows the amount of taxes withheld from your paycheck for the year
W4 form Form W-4 so that your employer can withhold the correct federal income tax from your pay.
Withholding withholding is the amount of federal income tax withheld from your paycheck.
Created by: Bgiberson23
Popular Finance sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards