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income and taxes

TermDefinition
Biweekly done, produced, or occurring every two weeks or twice a week
Dependent a person who relies on someone else for financial support
Direct Deposit the electronic transfer of a payment directly from the account of the payer to the recipient's account.
Earned Income money derived from paid work.
Employee a person employed for wages or salary
Employer person or organization that employs people.
Exemptions reduces the amount of income that is subject to income tax.
Federal Income Tax a marginal tax or progressive tax and apply to all forms of earnings that make up a taxpayer's taxable income
FICA Federal Insurance Contributions Act- a U.S. federal payroll tax 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 is an individual's total earnings before taxes or other expenses
Hourly Wage a set hourly rate which is multiplied by the hours worked during a pay period
Income Tax tax levied by a government directly on income
Medicare Tax a percentage of gross wages that all employees, employers and self-employed workers must pay to fund Medicare
Net Income sales minus cost of goods sold, general expenses, taxes, and interest.
Overtime Pay the compensation you receive for working 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
Sales Commissions the amount of compensation paid to a person based on the amount of sales generated
Social Security Tax a percentage of gross wages that most employees, employers and self-employed workers must pay to fund the federal program.
Tax Deduction an item you can subtract from your taxable income to lower the amount of taxes you owe
Tips a sum of money customarily given by a customer to certain service sector workers such as hospitality for the service they have performed, in addition to the basic price of the service.
W2 Form shows important information about the income you've earned from your employer, amount of taxes withheld from your paycheck, benefits provided and other information for the year
W4 Form an IRS form that you complete to let your employer know how much money to withhold from your paycheck for federal taxes
Withholding the income an employer takes out of an employee's paycheck and remits to the federal, state, and/or local government
Created by: Rbeadle24
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