Shared Flashcard Set

Details

income and taxes
personal finance
26
Finance
9th Grade
05/07/2012

Additional Finance Flashcards

 


 

Cards

Term
earned income
Definition
income you receive from employment
Term
wage
Definition
payment of work and is usually computed on an hourly daily, or piecework basis
Term
minimum wage
Definition
lowest hourly wage employers can pay most workers by law
Term
piecework income
Definition
wage based on a rate per unit of work completed
Term
salary
Definition
payment for work that is expressed as an annual figure
Term
commission
Definition
income paid as a percentage of sales made by a salesperson
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
payment and benefits received for work performed
Term
employee benefit
Definition
or fringe benefit is a form of monetary
Term
gross income
Definition
wages or salary before payroll deductions
Term
payroll deduction
Definition
a subtraction from your gross income
Term
FICA
Definition
it is 7.65 percent of earnings
Term
net income
Definition
or take-home pay is your gross income minus payroll deductions
Term
unearned income
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 provides income when earnings are reduced it stopped because of retirement,etc
Term
medicare
Definition
federal program that pays for certain health care expenses for older citizens and other disabilities
Term
disability
Definition
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
when you begin a job your employer will ask yo to fill one out
Term
form w-2
Definition
it states the amount you were paid during the previous year
Term
tax deduction
Definition
an expense that can be subtracted from taxable 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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