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 recieve from employment.
Term
Wage
Definition
payment for work.
Term
Minimum wage
Definition
lowest hourly wage empoyers 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 workthat 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 byond what is required.
Term
Bonus
Definition
money added to an employees base pay.
Term
Compensation
Definition
payment and benefits reecieved for work performed.
Term
Eployee benefit
Definition
a form of nonmonetary compensation recieved in addition to wage or salary.
Term
Gross income
Definition
wages or salary befor payroll deductions.
Term
Payroll deductions
Definition
subtractions from 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
Interest
Definition
paid by financial institutions, businesses, and government in exchange for customers' money.
Term
Entitlement
Definition
government pay or benefit promised by law to elidgible citizens.
Term
Social security
Definition
federal program that provides income when earnings are reduced or stopped because of retirement, illness or injury, or death.
Term
Medicare
Definition
federal program that pays for certain health care expenses for elders.
Term
Disability
Definition
limitation that affects a person's ability to function in major life activities.
Term
Medicaid
Definition
government program that pays certain health care costs for elidgible low income individuals and families.
Term
Form W-4
Definition
form that tells your employer how much you withhold from your paychecks as payroll deductions.
Term
Form W-2
Definition
form you fill out for your employer that states the amount you were paid during the previous.
Term
Tax deduction
Definition
an expense that can be subtracted from taxable income.
Term
Exemption
Definition
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 eledgible.
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