Shared Flashcard Set

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income and taxes
chapter 7
26
Finance
9th Grade
05/07/2012

Additional Finance Flashcards

 


 

Cards

Term
earned income
Definition
is the income you receive form employment.
Term
wage
Definition
is a payment for work and is usually computed on a hourly daily or pieceworks basis
Term
minimum wage
Definition
is the lowest horly wage employers can pay most wokers
by law
Term
piecework
Definition
is a waged based on a rate per unit of work completed
Term
salary
Definition
is a payment for work that is expressed as an annual figure
Term
commission
Definition
is income paid as a percent age of sales made by saleperson
Term
tip
Definition
or gratuity is money paid for service beyound what is required.
Term
bonus
Definition
is money added to an employee's base pay
Term
compensation
Definition
is the payment and benefots received for work performed
Term
employee benefit
Definition
or fringe benefit is a form of nonmonetary compensation recevied in addition to a wage or salary.
Term
gross income
Definition
is a wage or salary before payroll deduction
Term
payroll deduction
Definition
is a subtraction from your gross income
Term
fica
Definition
social security tax or and medicare
Term
net income
Definition
take home pay is your gross income(plus bonuses if you get him
Term
unearned income
Definition
is a earning from sources other than work
Term
intrest
Definition
is a paid by finacial institution businesses and government in exchange for the use of customers money
Term
entitlement
Definition
is a goverment payment or benefit promised by law to eligrible citizen
Term
social security
Definition
is a federal grogram that provides income when earnings are reduced or stopped because of retirement serious illness or injury or death
Term
medicare
Definition
is a federal program that pays certain helth care coast for eligrible low pays certain helth care coast dor eligible low inciome individuals and families
Term
form w-4
Definition
this form is called the employee witholding allowance certificate 7-5.
Term
form w-2
Definition
form for each employer 7-6
Term
tax deduction
Definition
is an expense that can be subtracted from tax able income
Term
exemption
Definition
is a tax benefit that reduces the amount of incomethat is taxed
Term
tax cerdit
Definition
is an amount you can subtract from the taxes you owe if you are eligible
Term
disability
Definition
is a limitation that affects a person ability to fuinction in major life activites
Term
medicaid
Definition
is a federal program that pays for helth care expenses for older citizens and other with disabilites
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