Shared Flashcard Set

Details

Income and Taxes
personal finance
26
Finance
9th Grade
05/07/2012

Additional Finance Flashcards

 


 

Cards

Term
Earned Income
Definition
the income you recieves from employment.
Term
Wage
Definition
Payment for work, usually computed on an hourly, daily, or piecework.
Term
Minimum wage
Definition
The lowest hourly wage employers can pay most workers by law
Term
Piecework Income
Definition
wage based on a rate umit completed
Term
Salary
Definition
Payment for work that is expresses as an annual figure.
Term
Commission
Definition
Income paid as a percent of sales made by a salesperson
Term
Tip
Definition
Money paid for service beyond what is required.
Term
Bonus
Definition
Money added to an employee's base pay.
Term
Compensation
Definition
The payment and benefits received for work performed.
Term
Employee Benefit
Definition
A form of nonmonetary compensation received in addition to wage or salary
Term
Gross income
Definition
wages or salary before payroll deduction
Term
Payroll Deduction
Definition
A subtraction from your gross income
Term
FICA
Definition
7.65 percent of earning
Term
Net Income
Definition
gross income
Term
Unearned
Definition
earnings from sources other than work
Term
Interest
Definition
paid by financial institutions, businesses, and government in exchange for the use of customers' money
Term
Entitlement
Definition
A government payment or benefit promised by law to eligible citizens
Term
Social security
Definition
A federal program that povides income when earnings are reduced or stopped because of retire,emt, illnesses, or death
Term
Medicare
Definition
A federal program that pays for certain healthcare expenses for older citizens and others with disabilities.
Term
Disability
Definition
A limitation that affects a person ability to function in major life activities
Term
Medicaid
Definition
A government program that pays certain health care cost for eligible low income individuals and families.
Term
Form w-4
Definition
tells employer how much to withhold from your paycheck.
Term
Form w-2
Definition
It says how you were paid the previous year
Term
Tax deduction
Definition
An expense that can deducted 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
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