1099 Form
What Is 1099 Form? A 1099 form is a tax document used to report income received outside of traditional employment….
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Browse All Work & Income Terms
Learn the language around earning money—from salaries and wages to freelancing, benefits, and taxes. This glossary empowers you to understand your paycheck and navigate employment with confidence.
List of Work & Income Terms
1099-NEC (Nonemployee Compensation)
What Is 1099-NEC? Form 1099-NEC is a tax document used to report payments made to independent contractors, freelancers, and other…
Accounts Payable
What Is Accounts Payable? Accounts payable refers to money a business owes to suppliers, vendors, or service providers for goods…
Accounts Receivable
What Is Accounts Receivable? Accounts receivable refers to money owed to a business by customers for goods or services that…
Accrual Accounting
What Is Accrual Accounting? Accrual accounting is an accounting method that records income and expenses when they are earned or…
Active Income
What Is Active Income? Active income is money earned from work or services that require ongoing effort or participation. It…
Apprenticeship
What Is Apprenticeship? An apprenticeship is a structured training program that combines on-the-job work experience with classroom instruction to teach…
Backup Withholding
What Is Backup Withholding? Backup withholding is a tax withholding requirement that applies when a payer must withhold a portion…
Benefits Package
What Is a Benefits Package? A benefits package is a collection of non-wage compensation provided by an employer in addition…
Bonus
What Is a Bonus? A bonus is additional compensation given to an employee, contractor, or executive beyond their regular salary…
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