Shared Flashcard Set

Details

income and taxes
flash cards
26
Finance
10th Grade
05/07/2012

Additional Finance Flashcards

 


 

Cards

Term
earned income
Definition
is the income you receive from employment
Term
wage
Definition
is payment for work and is usually computed on a n houurly daily or piecework basis
Term
minimum
Definition
is the lowest hourly wage employers can pay most workers by law
Term
piecework income
Definition
is a wage based on a rate per unit of work completed
Term
salary
Definition
is a payment for work that is expressed as an annual figure
Term
commission
Definition
is income paid as a percent age of sales made by a salesperson
Term
tip
Definition
or gratuity is money paid fro 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
or fringe benefit is a form of nonmonetary compensation received in addition to a wage or salary
Term
gross income
Definition
is wages or salary before payroll deductions
Term
pay roll deductions
Definition
ias a subtraction from your gross income
Term
fICA
Definition
social security tax
Term
net income
Definition
or take home pay is your gross income plus bonuses if you get them minus payroll deductions
Term
unearned income
Definition
is earning from sources other than work
Term
interest
Definition
is paid by financial institutions businesses and government in exchange for the use of customers money
Term
entitlement
Definition
is a government payment or benefitpromised by law to eligible citizen
Term
social security
Definition
is a federal program that provides income when earnings are reduced or stopped because of retirement serious illness injury or death
Term
medicare
Definition
is a federal program that pays for health care exspenses for oor older citizens and others with disabilities
Term
disability
Definition
is a limitation that affects a persons ability to function in major 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
what you have to fill out before you begin a job
Term
form w-2
Definition
tells how much you made that year
Term
tax deductions
Definition
is a expense that can be subtracted from taxable 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 if you are eligible
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