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Income and taxes
Income and taxes
27
Finance
10th Grade
05/10/2012

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Cards

Term
Earned income
Definition
income you recive from employment
Term
wage
Definition
payment fir work and is usually computer on an hourly, daily, or peicework basis.
Term
minimum wage
Definition
the lowest hourly wage employers can pay most workers by law.
Term
peicework
Definition
wage based on a rate per unit of work completed.
Term
Salary
Definition
payment  for workl that is expresses as an annual figure
Term
commission
Definition
income paid as a percentage of sales made by a salesperson.
Term
tip
Definition
or gratuity, is money paid for servise beyond what is required.
Term
Bonus
Definition
money added to an employees base pay.
Term
compensation
Definition
the payment and benifits recevied for work performed
Term
employee benifit
Definition
fringe benifits, a form of nonmonetary compensation recevied in addition to 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
7.65 percent of earnings
Term
Net income
Definition
is yor gross pay income minus payroll deductions
Term
Unearned income
Definition
earnings from sources other than work
Term
interest
Definition
paid by financial institutions, business and goverment in exchange for the use of costomers money
Term
entitlement
Definition
goverment payment or benifit promised by law to eligible citizens.
Term
social security
Definition
federal program that provides income when earnings are reduced  or stopped because of retirement, serious illnes or injury, or death.
Term
Medicare
Definition
federal program that pays for certain health care express for expenses or older citizens and others with disabilties.
Term
disabitly
Definition
is a limitation that affects a person's abitly to function in mayjor life activates.
Term
Medicaid
Definition
a goverment program that pas certain health care costs for eligible low income individuals and familes.
Term
Form W-4
Definition
is called the employers withholding allowance certificated, 7-5.
Term
Form W-2
Definition
called a wage and tax statement and is usually mailed to your home.
Term
Tax deduction
Definition
an expense that can be subtracted from taxable income.
Term
Expemption
Definition
a tax benifit 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.
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