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Chapter 10 Career Choices and Income Taxes
Chapter 10 Career Choices and Income Taxes
15
Business
12th Grade
01/11/2013

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Cards

Term
Career
Definition
Your line of work
Term
Contact Letter
Definition
Your first contact with a potential employer
Term
Cover Letter
Definition
Letter informing a prospective employer that you are interested in working for their company
Term
FICA(Federal Insurance Contributions Act)
Definition
Government legislation that funds Social Security
Term
Income Tax
Definition
Progressive tax on the financial income of individuals, companies, decreased estates, and certain bakruptcy estates paid to the government.
Term
Interview
Definition
A meeting between an employer and an applicant; the employer asks the applicant questions to assess whether he or she has the right social skills and intelligence for the job
Term
Payroll Deduction
Definition
The amount subtracted from a paycheck, either by governmen requirement (mandatory taxes,Social Security, etc.) or at the employee's request (Health insurance, retirement plan, etc.)
Term
Resume
Definition
The document that lists personal work history
Term
Vocation
Definition
The career fied you should be in according to your interests and personality traits
Term
head of household
Definition
an unmarried taxpayer who provides more than 50% of the cost of keeping up a home for both their self or antoher qualified individual
Term
spouse
Definition
your wife or husband
Term
dependents
Definition
a person who relies on someone else for financial support
Term
withholdings
Definition
also know as FIT (Federal Income Tax) withholding. this is pay as you earn taxation. taxes are taken out of your wages or other income before you receive the money.
Term
allowances
Definition
the number you calculate and nput on yor form W-4 so your employer can calculate the amount of income tax to withhold from your paycheck. the more allowances you claim, the less income tax will be withheld. usually, you claim one allowance each for yourself, your spouse, and each of your dependents.
Term
deductions
Definition
amount subtracted from an employee's gross pay to reach net pay
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