Bi-weekly timesheet for contractors

The 4 Day Work Week refers to a progressive employment arrangement where the standard five-day working week is reduced to four days, without a reduction in total hours worked. It is viewed as a way to improve work-life balance, increase productivity, and maintain employee well-being. Each workday may be longer, but employees get a three-day weekend.

A 9/80 work schedule refers to a type of flexible work arrangement where employees work nine-hour days for eight days in a two-week period, and then enjoy one eight-hour day, providing them with an extra day off every two weeks. The total worked hours still equal 80 over the course of two weeks, thus maintaining full-time status. It's a strategy used by employers to improve employee morale and work-life balance while maintaining productivity.

Before-tax deduction refers to any costs that are taken out of an individual's paycheck before the income tax is deducted. This lowers the taxable income, meaning that the person will pay less in income tax. Such deductions can include contributions to health plans, retirement savings, or certain transportation costs.

Biweekly pay refers to a payment schedule where employees receive their wages every two weeks, typically on a specific day such as Friday. This results in approximately 26 pay periods in a year. This payment method is one of the most common payroll schedules in businesses.

A Contractor is an individual or company that is hired to perform specific tasks or provide services within a given period under a contractual agreement. Unlike regular employees, contractors are not part of the company’s staff and do not receive benefits or employee rights. They are often hired for specialized jobs for a limited time or for specific projects.

The Earned Income Tax Credit (EITC) is a refundable tax credit designed to benefit low to moderate income working individuals and families in the United States. The credit reduces the amount of tax owed, and may also give a refund. The amount of the EITC depends on the individual's income and the number of qualifying children they have.

Federal holidays are public holidays established by federal law in the United States. On these days, non-essential federal government offices are closed, and federal employees are paid to have the day off. Federal holidays may also impact services like mail delivery and certain banking operations.

Federal Income Tax (FIT) is a tax levied by the federal government on the annual earnings of individuals, corporations, trusts, and other legal entities. It is a major source of revenue for the federal government and helps fund its operations and programs. The progressiveness of FIT means those with higher incomes have higher tax rates, allowing for income redistribution.

Full-Time Hours refer to the conventionally accepted amount of hours an employee is expected to work in a week in a full-time job. Depending on the country and/or industry, this typically ranges between 35 to 40 hours per week. Full-time employment often comes with benefits like health insurance, paid vacation and sick days, which may not be available to part-time or contract workers.

An independent contractor is a person or entity engaged in a work performance agreement with another entity as a non-employee. They provide goods or services according to the terms of a contract they have negotiated, are paid a flat fee for the job, and are responsible for paying their own taxes. Independent contractors have more control over how they complete their work but receive fewer protections and benefits than employees.

The Operating Budget refers to a detailed projection of all estimated income and expenses that a business expects to incur over a certain period, typically quarterly or annually. It usually includes expenses for running daily operations and revenues from core business activities. This budget is an essential tool for planning and managing resources effectively and efficiently.

Self-Employed Health Insurance Deduction is a tax benefit that allows self-employed individuals to deduct premiums paid for medical, dental, and qualifying long-term care insurance coverage for themselves, their spouse, and dependents. This deduction is calculated on Form 1040 and can significantly lower a self-employed person's adjustable gross income. However, it's only available if they are not eligible to participate in a health plan from an employer or their spouse's employer.

Self-Employment tax is a tax that one must pay if he/she runs his/her own business as a sole proprietorship, as an independent contractor, as a member of a partnership, or as a member of a limited liability company that does not elect to be treated as a corporation. This tax typically goes toward social security and Medicare contributions. The rate is determined by the individual's net profit from his/her business.

A Self-Funded Plan is an insurance arrangement predominantly used in health coverage where the employer assumes the direct risk for payment of the insurance claims for the benefits provided to its employees. Instead of paying fixed premiums to an insurance provider, the employer pays for the covered claim costs out-of-pocket. This plan allows the company to save on insurance costs by bearing the risk themselves and putting money aside for potential claims.

The Social Security Tax is a U.S. federal tax that funds the Social Security program, which provides benefits for retired individuals, the disabled, and their dependents. This tax is levied on employers, employees, and self-employed individuals, and it's proportionate to earnings with a cap in place that gets revised annually. It's part of the payroll taxes and is collected by the Internal Revenue Service (IRS).

Work-Life Balance refers to the equilibrium between professional responsibilities and personal life activities or leisure time. It's about striking a balance between work demands, such as work schedules, workload, and pace, and personal life including leisure activities, family time, and personal interests. Maintaining a good work-life balance is critical to reduce stress, enhance job satisfaction, and improve overall wellbeing.