Shared Flashcard Set

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chapter 7
idk
26
Finance
10th Grade
05/07/2012

Additional Finance Flashcards

 


 

Cards

Term
earned income
Definition
is the money you receive from employment
Term
wage
Definition
is paymen for work and is usually computed on a hourly daily, piecework
Term
minimum wage
Definition
is thw lowest hourly wage employers can pay most workers by law
Term
piecework income
Definition
is a wage based on a rate per unit of wwork completed
Term
salary
Definition
is payment for work that is expressed as an annual figure
Term
tip
Definition
is money paid for service beyond what is required
Term
bonus
Definition
is money added to an employees base pay
Term
compensation
Definition
is the payment and benefits received for work performed
Term
employee benefit
Definition
fringe benefit
Term
gross income
Definition
is wages or salary before payroll deductions
Term
payroll deduction
Definition
is a subtraction fro your gross incom
Term
FICA
Definition
percent of earnings
Term
net income
Definition
take home pay
Term
unearned income
Definition
is earnigns from soruces other than work
Term
intrest
Definition
is paid by financial isntitutions, businesse, and government in exchage for the use of customers money
Term
entitlement
Definition
is a government payment or benefit promise by law
Term
social security
Definition
is a federal rpogram that provides income when earnings are reduced or stopped
Term
medicare
Definition
medicare is a federal program that pays for certain health care expense for older
Term
disability
Definition
is a limitaion that affects a persons ability to function in major life activities
Term
medicaid
Definition
is a government program that pays certain health care cost for eligible low income individuals and families
Term
form w-4
Definition
employees withholding
Term
form w-2
Definition
wage and tax statement
Term
tax eduction
Definition
is an expense that can be subtracted from tazable income
Term
exemption
Definition
is a tax benefit that reduces the amount of income that is taxed
Term
tax credit
Definition
is an amount you can subtract from the taxes you owe
Term
commission
Definition
is income paid as a percentage age of sales made by a salesperson.
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