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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, or other support. | Dependent |
| the electronic transfer of a payment directly from the account of the payer to the recipient's account. | Direct Deposit |
| Earned income is any income that is received from a job or self-employment. · Earned income may include wages, salary, tips, bonuses, and commissions. | 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 exempting a person from paying taxes on a specified amount of income for themselves and their dependents. | Exemptions |
| A system administered by the IRS which collects money based on earned income. Federal income tax is collected through a withholding process where the employer deducts tax from the employee payroll. | Federal Income Tax |
| FICA is a U.S. federal payroll tax. It stands for the Federal Insurance Contributions Act and is deducted from each paycheck. | FICA |
| an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc. | Fringe Benefits |
| Gross income represents the total income from all sources, including returns, discounts, and allowances, before deducting any expenses or taxes. | Gross Income |
| pay that a person earns based on a set hourly rate. | Hourly Wage |
| refers to a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction. | Income Tax |
| also known as “hospital insurance tax,” is a federal employment tax that funds a portion of the Medicare insurance program. Like Social Security tax, Medicare tax is withheld from an employee's paycheck or paid as a self-employment tax. | Medicare Tax |
| Net income refers to the amount an individual or business makes after deducting costs, allowances and taxes. | Net Income |
| money earned at an increased rate for working more than the usual number of hours in one week. | 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, especially a professional or white-collar worker | Salary |
| Sales commission is the percentage of the value of a sale that a sales associate or sales representative may earn. | Sales Commissions |
| the tax levied on both employers and employees to fund the Social Security program in the U.S. | Social Security Tax |
| A tax deduction is a deduction that lowers a person’s or an organization’s tax liability by lowering their taxable income. | Tax Deduction |
| provide protection against inflation. The principal of a TIPS increases with inflation and decreases with deflation, as measured by the Consumer Price Index. | Tips |
| A W-2 tax form shows the amount of taxes withheld from your paycheck for the year and is used to file your federal and state taxes | W2 Form |
| A W-4 form is completed by employees to let employers know how much tax to withhold from their paycheck. | W4 Form |
| Withholding tax is an amount that is directly deducted from the employee's earnings by the employer and paid to the government as a part of individual's tax liability. Tax is charged based on the income of the person. | Withholding |
Created by:
jpulver23
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