Shared Flashcard Set

Details

5/9
n/a
26
Finance
11th Grade
05/09/2012

Additional Finance Flashcards

 


 

Cards

Term
earned income
Definition
income recieve from employment
Term
wage
Definition
payement fir work
Term
min wage
Definition
lowest hourly workers are paid
Term
piecework income
Definition
is a wasge based on a rate perunit of work completed
Term
salary
Definition
payement for work that is expressed as an annual figure
Term
commision
Definition
income padi as a precentage of sales made by a salesperson
Term
tip
Definition
gradittuity
Term
bonus
Definition
money added to an employes base pay
Term
compensation
Definition
payement and benefits recieved for work perforemedd
Term
employee benifitts
Definition
fringe benifits
Term
gross income
Definition
wages before payroll deductions
Term
payroll deduction
Definition
subtraction from your gross income
Term
FICA
Definition
employers pay half of the FICA taxes for each employer
Term
net income
Definition
gross income + bonuses
Term
intrest
Definition
a precentage added on
Term
unearned income
Definition
earning from sources other than work
Term
entitlement
Definition
gov payemeent promised by law to eligable citizens
Term
social security
Definition
a fed program that provides income when earning are reduced ot stopped
Term
medicar
Definition
fed porgram that pays for certain health care expenses for older citizens
Term
disablilty
Definition
limitation that affects a persons ability to function in major life activites
Term
medicad
Definition
gov program that pays certain health care cost for eligible low income individuals and families
Term
W-4
Definition
employers witholcding allowance
Term
W-2
Definition
wage & tax statement
Term
tax deduction
Definition
an expense that can be subtracted from taxable income
Term
exempetion
Definition
tax benfit that reduces the amount of income that is taxed
Term
tax credit
Definition
amount you can subtract from the taxes you owe
Supporting users have an ad free experience!