Shared Flashcard Set

Details

week 4
stuff
26
Business
10th Grade
03/25/2013

Additional Business Flashcards

 


 

Cards

Term
wage
Definition
the amount of money paid for a specified quantity of labor
Term
Salary
Definition
A set amount of money paid fora set period to time worked
Term
commission
Definition
Income paid as a percentage of sales made by a salesman
Term
tip
Definition
Money paid by customers to those who provide services.
Term
bonus
Definition
Money paid in addition to base pay, either as a reward for performance or as a share of profit.
Term
paycheck
Definition
A form of payment to an employee
Term
direct deposit
Definition
An employer deposits the employee’s paycheck dirctly into the authorized employee’s depository institution account.
Term
payroll card
Definition
A prepaid card that is offered to employees as an alternative to paper paychecks or directly depositing wages into an employee’s depostiory institution
Term
paycheck stub
Definition
This part lists the paycheck deductions as well as other important information.
Term
pay period
Definition
The length of time for which an employee’s wages are calculated.
Term
gross pay
Definition
The total amount of money earned during the pay period before deductions.
Term
net pay
Definition
The amount of money left after all the deductions have been taken from the gross pay earned in the pay period.
Term
deduction
Definition
Money subtracted from gross pay for required taxes, employee insurance, and retirement benefits.
Term
federal withholding tax
Definition
The amount required by law for employers to withhold from earned wages to pay federal income taxes.
Term
state withholding tax
Definition
The percentage deducted from an individual’s paycheck to assist in funding government agencies within the state.
Term
FICA
Definition
Federal Insurance Contributions Act. This tax includes Social Security and Medicare. Social Security taxes are based on a 6.2 percentage of the employee’s gross income. Medicare is 1.45% of gross income.
Term
retirement plan
Definition
The amount an employee contributed each pay period to a retirement plan.
Term
medical
Definition
The amount taken from the employee’s paycheck for medical benefits.
Term
year-to-date deductions
Definition
The total of all deductions which have been withheld from an individual’s paycheck from January 1 to the last day of the pay period
Term
tax
Definition
A compulsory charge imposed on citizens by local, state, or federal governments.
Term
progressive tax
Definition
The higher the income, the higher the amount of taxes paid
Term
regressive tax
Definition
They impose a higher tax rate on those with lower incomes than those with higher
Term
Form W-2
Definition
States the amount of money earned and taxes paid throughout the previous year
Term
Form W-4
Definition
An employee’s withholding certificate---the information provided on this form determines the percentage of gross pay to be withheld for taxes
Term
Form I-9
Definition
Employment Eligibility Verification Form---the information on this form is for employers to verify the eligibility of individuals for employment.
Term
1099 Forms
Definition
Tax forms that report other sources of income earned during a tax year.
• 1099-INT- Interest income earned on savings and/or investment accounts during the previous year.
• 1099-DIV- Dividends earned on investments during the previous year.
• 1099-MISC- Income earned from self-employment, royalties, rent payments, unemployment compensation, and other sources.
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