Shared Flashcard Set

Details

income and tax
flascards
26
Finance
10th Grade
05/07/2012

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Cards

Term
earned
Definition
th income you receive from employment
Term
wage
Definition
a payment for work and usually computed on hourly, daily, or piecework basis
Term
minimum wage
Definition
is the lowest hourly wage employers can pay most workers by law
Term
piecework income
Definition
a wage based on a rate per unit of work completed
Term
salary
Definition
a payment for work that is expressed as an annual figure
Term
comission
Definition
income paid as a percentage of sales made by a salesperson
Term
tip
Definition
gratuity for money paid service
Term
bonus
Definition
money added to an employees vase pay
Term
compensation
Definition
the payment and benifits revieved for work performed
Term
employee benifit
Definition
fringe benifit
Term
gross income
Definition
wages as the dollas figure you are told when hired for a job
Term
payroll deductions
Definition
s a subtraction fro your gross income
Term
fica
Definition
social security tax
Term
net income
Definition
take home pay
Term
unearned income
Definition
earnings from sources other than work
Term
intrest
Definition
paid by finacial institutions businesses and government
Term
entitlement
Definition
a goverment payment or benifit or benifit
Term
social security
Definition
a federal program that provides income when earnings are reduced
Term
medicare
Definition
federal program that pays for certain health care expeses
Term
diability
Definition
is a limitation that affects a persons ability to function in major life activities
Term
medicaid
Definition
a goverment program that pays certain health care costs for eligible lowintresed
Term
form w-4
Definition
employees withholding allowence
Term
form w-2
Definition
wage and tax statement and usually mailed to your home
Term
tax deduction
Definition
subtracted expesees
Term
exemption
Definition
a benifit that reduces the amount of income you earn
Term
tax credit
Definition
an amount you can subtract from the taxes you owe
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