Shared Flashcard Set

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May 7
May 7
27
Finance
12th Grade
05/07/2012

Additional Finance Flashcards

 


 

Cards

Term
Earned income
Definition
recieved from employment 
Term
wage
Definition
payment for work and is isially computed on an hourly, daily, or piecwork basis
Term
Min. Wage
Definition
lowest hourly wage employers can pay most workers by law
Term
piecwork income
Definition
wage based on a rate per unit or work completed
Term
Salary
Definition
pamet for wok that is expressed as am anual figure
Term
commision
Definition
income paid as a percent 
Term
tip
Definition
money paid for beyond what is required
Term
bonus
Definition
momey added to an employees base pay
Term
compensation
Definition
payment and benefits recieved for work performence 
Term
employee benefit
Definition
form of nonmonetart compensation
Term
gross income
Definition
wages or salary before payroll deduction
Term
payroll deduction
Definition
subtraction from your gross income
Term
FICA
Definition
federal insurance contributions act
Term
net income
Definition
take home pay
Term
unearned income
Definition
earning from sources other than work
Term
interest
Definition
paid by financial institutions 
Term
entitlement
Definition
governement payments
Term
social security
Definition
federal program taht provides income with earnings
Term
medicare
Definition
federal program that pays for certain health care 
Term
disability
Definition
a limitation that affects a person ability to work
Term
medicaid
Definition
a governemt program that pays certain health care cost fro low income individuals
Term
Fomr W-4
Definition
employees withholding allowance certificate
Term
Form W-2
Definition
wage tax statement
Term
tax deduction
Definition
expences subtracted from pay check 
Term
exemption
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
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