Shared Flashcard Set

Details

Chapter 7
N/A
26
Finance
10th Grade
05/07/2012

Additional Finance Flashcards

 


 

Cards

Term
earned income
Definition
is the income you reeceive from employment
Term
wage
Definition
is payment for work and is usually computed on an hourly, daily or piecework basis
Term
minimum wage
Definition
the lowest hourly wage employers can pay most workers by law
Term
piecework income
Definition
a wage based on a rate per unit of work completed
Term
salary
Definition
payment for work that is expressed as anannual figure
Term
commission
Definition
income paid as a percent age of sales made by a sales persons
Term
tip
Definition
Or gratuity , is money paid for service beyond what is required
Term
bonus
Definition
Money added to an employees base pay
Term
compensation
Definition
is the payment and benefits received for work performed
Term
employee benefits
Definition
form a nonmonetary compensation received in addition to a wage or salary
Term
gross income
Definition
wages or salary before payroll deductions
Term
payroll deduction
Definition
is a subtraction from your gross income
Term
FICA
Definition
Social Sercurity tax
Term
Net income
Definition
your gross income minus payroll deductions
Term
unearned income
Definition
is earnings from sources other than work
Term
Interest
Definition
is paid by finanical institutions,business,and government in exchange for the use of customers money.
Term
entitlement
Definition
is a government payment or benefits promised by law to eligible citizen
Term
Social Security
Definition
Federal progam that provides income when earnings are reduced or stopped
Term
Medicare
Definition
federal program 6that pays for certain health care expenses for older citizens and otherss with disabilites
Term
Disability
Definition
is a limitation that affects a persons ability to function in major life activities
Term
Medicaid
Definition
a government program that pays certain health care costs for eligible low income individuals and families
Term
Form W-4
Definition
Being a job your employer will ask you to fill out
Term
Form W-2
Definition
Wage and Tax statement and is usually mailed to your home
Term
Tax deduction
Definition
an expense that can be subtracted from tax able income
Term
exemption
Definition
a tax benefit that reduces the amount of income that is taxed
Term
tax credit
Definition
an amount you can subtract from the taxes you owe, if you are eligible
Supporting users have an ad free experience!