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26
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11th Grade
05/09/2012

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Term
Earned income
Definition
income you recieve from employment.
Term
wage
Definition
payment for work and is usually computed on an hourly, daily, or piecework basis
Term
MINUMUM wage
Definition
the lowest hourly waqge 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 saled made by a saleperson
Term
tip
Definition
gratuity, 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
fringe benefit, is 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 deduction
Definition
a subtraction from your gross income
Term
FICA
Definition
federal insurance contribution act
Term
net income
Definition
your gross income
Term
unearned income
Definition
earnings for sources other than work
Term
interest
Definition
is paid by financial institutions, business, and government in exchange for the use of customers' money
Term
entitlement
Definition
A GOVERNMENT PAYMENT
Term
social security
Definition
a federal program that provides income when earnings are reduced
Term
medicare
Definition
federal program that pays for certain health expenses for older citizens and others with disabilities
Term
disability
Definition
a limitation that affects a persons ability to function in major life activites
Term
medicaid
Definition
a government program that pays certain health care costs for eligible low come individuals and families
Term
form w-4
Definition
this form tells how much to withhold from your social security
Term
form w-2
Definition
usually mailed to your home
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
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