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Personal Finance
Personal Finance
28
Accounting
10th Grade
04/05/2012

Additional Accounting Flashcards

 


 

Cards

Term
Wage
Definition
Amount of money paid for a specified quantity of labor; ex: hour
Term
Salary
Definition
Set amount of money paid for a set period of time worked
Term
Commission
Definition
Income paid as a percentage of sales made by a salesman
Term
Tips (Gratuity)
Definition
Money paid by customers to those who provide services
Term
Production
Definition
Compensation paid based on number of pieces or items produced
Term
Bonus
Definition
Money paid in addition to base pay;reward for performance or a share of profit
Term
Paycheck
Definition
A form of payment to an employee
Term
Direct deposit
Definition
AO EmQNPYER DEQPSKtS tJE EmQNPYEE’S QaYCJECL DKRectly into the authorized EmQNPYEE’S DEQPSKtPRY KOStKtUtKPO aCCPUOt
Term
Payroll card
Definition
A prepaid card that is offered to employees as an alternative to paper paychecks or DKRECtNY DEQPSKtKOG WaGES KOtP aO EmQNPYEE’S DEQPStKPRY KOStKtUtKPO
Term
Paycheck stub
Definition
This part lists the paycheck deductions as well as other important information
Term
Pay period
Definition
Length of time for which an EmQNPYEE’S WaGES aRE CaNCUNatED
Term
Gross pay
Definition
Total amount of money earned during the pay period before deductions
Term
Net pay
Definition
Amount of money left afterall the deductions have been taken from the gross pay earned in the pay period, aLa “taLE JPmE QaY
Term
Deductions
Definition
Money subtracted from gross pay for required taxes, employee insurance, and retirement benefits; may be voluntary or mandatory
Term
Federal withholding tax
Definition
Amount required by law for employers to withhold (deduct) from earned wages to pay federal income taxes
Term
State withholding tax
Definition
Amount DEDUCtED FRPm aO KODKVKDUaN’S income to assist in funding government agencies within the state
Term
FICA
Definition
Federal Insurance Contributions Actfunds Social Security and Medicare. Social Security taXES aRE BaSED PO a Ã.À QERCEOtaGE PF tJE EmQNPYEE’S GRPSS KOCPmE. MEDKCaRE KS ¿.ÁÂ% of gross income
Term
Retirement plan
Definition
Amount an employee contributed each pay period to a retirement plan
Term
RSDHI
Definition
FICA employee benefits; Retirement, Survivor, Disability, Health Insurance
Term
Medical
Definition
AmPUOt taLEO FRPm tJE EmQNPYEE’S QaYCJECL FPR mEDKCaN BEOEFKtS
Term
Year-to-date deductions
Definition
TPtaN PF aNN DEDUCtKPOS WJKCJ JaVE BEEO WKtJJEND FRPm aO KODKVKDUaN’S QaYCJECL FRPm January 1 to the last day of the pay period
Term
Tax
Definition
Compulsory (mandatory) charge imposed on citizens by local, state, or federal governments
Term
Progressive tax
Definition
The higher the income level, the higher the % amount of taxes paid
Term
Regressive tax
Definition
Impose a higher tax rate on those with lower incomes than those with higher
Term
Work permit
Definition
Form required to be completed (by employee, employer, parent) if employee is minor
Term
Form W-2
Definition
Tax form provided by employer that states the amount of money earned and taxes paid throughout the previous year, used to file form 1040
Term
Form W-4
Definition
AO EmQNPYEE’S WKtJJPNDKOG CERtKFKCatE---the information provided on this form determines the percentage of gross pay to be withheld for federal income taxes
Term
Form I-9
Definition
Employment Eligibility Verification Form---information on this form is for employers to verify the eligibility of non-citizen individuals for employment 1099 Forms Tax forms reportingother sources of income earned during a tax year: INT, DIV, MISC 1099-INT Tax form reporting Interest income on savings and/or investment accounts during the previous year 1099-DIV Tax form reporting Dividends earned on investments during the previous year 1099-MISC Tax form reporting Income earned from self-employment, royalties, rent payments, unemployment compensation, capital gains, & other sources Form 1040 Individual tax reporting form filed by April 15th for previous calendar year
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