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Chapter 7
Personal Finance
27
Finance
12th Grade
05/07/2012
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Term
earned income
 Definition
Income from employment
Term
wage
 Definition
A payment in exchange for an employee's labor or services. The payment, which is usually in money, is paid by the hour, day, or by the piece
Term
minimum wage
 Definition
The lowest hourly wage employers can pay most workers by law
Term
piecework income
 Definition
A wage that is based on a rate per unit or item completed
Term
salary
 Definition
Payment for work that is expressed as an annual figure.
Term
commission
 Definition
Term
tip
 Definition
Term
bonus
 Definition
Term
compensation
 Definition
Term
employee benefits
 Definition
Term
gross income
 Definition
Term
payroll
 Definition
Term
deduction
 Definition
Term
FICA (federal Insurance Contributions Act)
 Definition
Term
net income
 Definition
Term
unearned income
 Definition
Term
interest
 Definition
Term
entitlement
 Definition
Term
Social Security
 Definition
Term
Medicare
 Definition
Term
disability
 Definition
Term
Medicaid
 Definition
Term
Form W-4
 Definition
Term
Form W-2
 Definition
Term
tax deduction
 Definition
Term
exemption
 Definition
Term
tax credit
 Definition
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