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Income and Taxes
| Question | Answer |
|---|---|
| Done, produced, or occurring every two weeks or twice a week | BiWeekly |
| requiring someone or something for financial, emotional, and other support | Dependent |
| An electronic transfer of a payment directly from the account of the payer to the recipients account | Direct deposit |
| All income from employment | Earned income |
| A person employed for wages or salary, especially at nonexecutive level | Employee |
| A person or organization that employs people | Employer |
| The process of freeing or state of being free from an obligation or liability imposed on others | Exemptions |
| Levied by the IRS on the annual earnings of individuals, corporations, trusts, and other legal entities | Federal income tax |
| Federal Insurance Contributions Act. A US federal payroll contribution directed towards both employers and employees to fund Social Security and Medicare | FICA |
| an extra benefit supplementing an employees salary. Examples include a company car, subsidized meals, and health insurance | fringe benefits |
| Total income from all sources, including returns, discounts, and allowances, before deducting any expenses or taxes | gross income |
| A pay that a person earns based on a set hourly rate | hourly wage |
| Tax levied by a government directly on income, especially an annual tax on personal income | income tax |
| A federal employment tax that funds a portion of the Medicare insurance program | medicare tax |
| gross profit minus all other expenses and costs as well as any other income and revenue sources that are not included in gross income | net income |
| the amount of time someone works beyond normal working hours | overtime pay |
| a system in which the people who work for a company receive a direct share of the profits. | profit sharing |
| 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 | salary |
| sale transactions that generate an additional compensation to the salesperson | sales commissions |
| the tax levied on both employers and employees to fund the Social Security program | social security tax |
| a deduction that lowers a person's or an organization's tax liability by lowering their taxable income | tax deduction |
| A gratuity is a sum of money customarily given by a client or customer to certain service sector workers for the service they have performed, in addition to the basic price of the service | tips |
| reflects your income earned and taxes withheld from the prior year to be reported on your income tax returns | W2 form |
| let employers know how much tax to withhold from their paycheck based on the employee's marital status, number of exemptions, etc. | W4 form |
| withholding tax is an amount that is directly deducted from the employees earnings by the employer and paid to the government as a part of individual's tax liability | withholding |
Created by:
Pbrennan23
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