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Chapter 7
Personal Finance
26
Finance
9th Grade
05/07/2012

Additional Finance Flashcards

 


 

Cards

Term
Earned income
Definition
the income you recieve from employment
Term
Wage
Definition
a payment for work and is usually computed on an hourly, daily, or oiecework basis
Term
Minimum wage
Definition
the lowest hourly wage employers can pay most workers by law
Term
Piecework income
Definition
wage based on a rate per unit of work completed
Term
Salary
Definition
payment for work that is expressed as an annual figure
Term
Commission
Definition
income paid as a percentage of sales made by a salesperson
Term
Tip
Definition
gratuity; money paid for service beyond what is required
Term
Bonus
Definition
money added to an employee's base pay
Term
Compensation
Definition
the payment and benifits recieved for work performed
Term
Employee Benefit
Definition
fringe benefit, a form of nonmonetary compensation recieved in addition to a wage or salary
Term
Gross income
Definition
wages or salary before payroll deductions
Term
payroll deduction
Definition
a subtraction from your gross income
Term
FICA
Definition
U.S government agency that protects bank customers by insuring deposits as well as exaiming and supervising financial institutions
Term
Net income
Definition
take-home pay; your gross income(plus bonuses,if you get them), minus payroll deductions
Term
Unearned income
Definition
earnings from sources other than work
Term
Intrest
Definition
paid by financial institutions,businesses, and government in exchange for the use pff customers' money
Term
entitlement
Definition
a government payment or benifit promised by law to eligible citizens
Term
Social Security
Definition
A federal program that provides income when earnings are reduced or stopped because of retirement,serious illness, or injury, or death
Term
Medicare
Definition
federal program that pays for certain health care expenses for older citizens and others with disabilities
Term
Disability
Definition
a limitation that affects a person's ability to function in a major life activities
Term
Medicaid
Definition
A GOVERNMENT PROGRAM THAT PATS CERTAIN HEATLH CARE COST FOR ELIGIBLE LOW-INCOME INDIVIDUALS AND FAMILIES
Term
Form W-4
Definition
Its called the Employee's Withholding Allowance Certificate; it tells your employer how much to withhold from your paychecks as payroll deductions
Term
Forwm W-2
Definition
Called a Wage and Tax Statement and is usually mailed to your home. it states the amount you were paid during the previous year
Term
tax deduction
Definition
an expense that can be subtracted from taxable income
Term
exemption
Definition
a tax benefit that reduces the amount of income that is taxed
Term
tax credit
Definition
an amount you cansubtract from the taxes you owe, if you are eligible
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