Shared Flashcard Set

Details

income and taxes
personal finance
26
Finance
11th Grade
05/07/2012

Additional Finance Flashcards

 


 

Cards

Term
earned income
Definition
is the income you receive from emploment.
Term
wage
Definition
is payment for and is usually computed on an hourly, daily, or piecework basis.
Term
minimum wage
Definition
is thee lowest hourly wage employers can pay most workers by law.
Term
piecework income
Definition
is wage based on rate per unit work completed.
Term
salary
Definition
is payment for work that is expressed as an annual figure.
Term
commission
Definition
is income paid as a percentage of sales made by a salesperson.
Term
tip
Definition
is money paid for service beyond what is required.
Term
bonus
Definition
is money added to an employee's base pay.
Term
compensation
Definition
is the payment and benefit received for work performed.
Term
employee benefit
Definition
is a form of nonmonetary compensation received in addition to a wage or salary.
Term
gross income
Definition
is wage or salary before payroll deductions.
Term
payroll deduction
Definition
is a subtraction form your gross income.
Term
FICA(Federal Insurance Contribution act)
Definition
it is 7.65 percent of earnings.employers pay half of the FICA taxes for each employee.
Term
net income
Definition
is your gross income (plus bonuses, if you get them),minus payroll deductions.
Term
unearned income
Definition
is earnings from sources other than work.
Term
interest
Definition
is paid by financial institutions, businesses, and government in exchange for the ues of customers money.
Term
entitlement
Definition
is a government payment or benefit promised by law to eligible citizens.
Term
social security
Definition
is a federal program that provides income when earning are reduced or stopped because of retirement, serious illness or injury, or death.
Term
medicare
Definition
is a federal program that pays for certain health care expenses for older citizens and other with disabilities.
Term
disabiliy
Definition
is a limitation that affects a person's ability to function in major life activities.
Term
medicaid
Definition
is a government program that pays certain health care cost for eligible lowincome individuals and families.
Term
form W-4
Definition
this form is called the employee's withholding allowance certificate.
Term
form W-2
Definition
from each by the end of january, you will receive.
Term
tax deduction
Definition
is an expense that can be subtracted from taxable income.
Term
exemption
Definition
is a tax benefit that reduces tha amount of income that is taxed.
Term
tax credit
Definition
is an amount you can subtract form the taxes you owe, if you are eligible.
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