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Income and Taxes

TermDefinition
Biweekly something that happens twice a week or once every two weeks
Dependent requiring someone or something for financial, emotional, or other 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, 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 a tax levied by the United States government on the annual earnings of individuals, corporations, trusts, and other legal entities.
FICA a U.S. federal payroll tax. It stands for the Federal Insurance Contributions Act
Fringe Benefits an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.
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, especially an annual tax on personal income.
Medicare Tax a tax charged to individuals in order to fund the Medicare system.
Net Income the amount of money you bring home after taxes and other deductions are taken out of your paycheck.
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, especially a professional or white-collar worker.
Sales Commissions the extra payment for a salesperson's performance.
Social Security Tax the tax levied on employers and employees to fund the Social Security program in the US.
Tax Deduction an amount you subtract from your income when you file so you don't pay tax on it.
Tips A small amount of money given to someone for a service or task, in addition to the basic price.
W2 Form reports an employee's income from the prior year and how much tax the employer withheld.
W4 Forman IRS form that you complete to let your employer know how much money to withhold from your paycheck for federal taxes.
Withholding (of an employer) deduct (tax) from an employee's paycheck and send it directly to the government.
Created by: Sbowers26
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