Shared Flashcard Set

Details

Income and Taxes
N/A
26
Finance
9th Grade
05/07/2012

Additional Finance Flashcards

 


 

Cards

Term
Earned Income
Definition
Income you receive from employment
Term
Wage
Definition
Payment for work and is usually computed on an hourly, daily, hourly, or piecework 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
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 benefits received for work performed
Term
Employee Benefit
Definition
A form of nonmonetary compensation received in addition to a wage or salary
Term
Gross Income
Definition
Wages or salary before payroll deductions
Term
Payroll Deductions
Definition
Subtractions from your gross income
Term
FICA (Federal Insurance Contributions Act)
Definition
7.65% of your earnings
Term
Net Income
Definition
Your gross income (plus bonuses, if you get them), minus payroll deductions
Term
Unearned Income
Definition
Earnings from sources other than work
Term
Interest
Definition
Payments from financial institutions, businesses, and government to use customers' money
Term
Entitlement
Definition
A government payment or benefit 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
A 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 major life activities
Term
Medicaid
Definition
A government program that pays certain health care costs for eligible low-income individuals and families
Term
Form W-4
Definition
The Employee's Withholding Allowance Certificate that tells the employer how much tax to withhold from and employees paycheck
Term
Form W-2
Definition
A Wage and Tax Statement that states the amount an employee was paid in the previous year. It also gives the amounts of income, Social Security, and Medicare taxes withheld from an employee's income during the 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 can subtract from the taxes you owe, if you are eligible
Supporting users have an ad free experience!