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 Taxes
| Question | Answer |
|---|---|
| Biweekly | something done every 2 weeks or twice a week |
| Dependent | requiring someone for financial support |
| Direct deposit | the electronic transfer of a payment directly from the account of the payer to the recipients account |
| Earned income | money derived from paid work |
| Employee | a person employed for wages or salary, especially at nonexecutive level |
| Employer | a person or organization that employs people |
| Exemptions | the process of freeing or state of being free from an obligation or liability imposed on other |
| Federal income tax | a tax on income and is imposed by the U.S. federal government |
| FICA | Federal Insurance Contributions Act helps fund both Social Security and Medicare programs |
| Fringe benefits | a type of compensation that employees receive in addition to their regular salary or wages |
| Gross income | the total income earned by an individual on a paycheck before taxes and other deductions |
| Hourly wage | the amount of money an employee is paid for each hour they work |
| Income tax | tax levied by a government directly on income |
| Medicare tax | a tax charged to individuals in order to fund the Medicare system |
| Net income | the amount of money an individual or business has left after taxes, deductions, and other expenses are taken out |
| 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 |
| Sales commissions | monetary compensation salespeople earn for selling products and services |
| Social security tax | Employers and employees each pay 6.2 percent of wages up to the taxable maximum of $168,600 (in 2024), while the self-employed pay 12.4 percen |
| Tax deduction | an amount you subtract from your income when you file so you don't pay tax on i |
| Tips | a sum of money given to someone as a reward for their services |
| w2 form | a formally employed individual working for a company or organization in the United States |
| 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 | refusal to give something that is due or desired |
Created by:
notbrian
Popular Finance sets