Shared Flashcard Set

Details

Income and Taxes
N/A
26
Finance
10th Grade
05/07/2012

Additional Finance Flashcards

 


 

Cards

Term
Earned income
Definition
The income you recieve from employment
Term
Wage
Definition
Payment for work and is usually computed on an hourly, dauly, 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 worl
Term
Salary
Definition
payment for work that is expredded as an annual figure
Term
commission
Definition
income paid as a percentage of sales made by a salesperson
Term
tip
Definition
money paid for service beyond what is required
Term
bonus
Definition
is money added to an employee's base pay
Term
Compensation
Definition
the payment and benefits recieved for work performed.
Term
Employee benefit
Definition
A form of nonmonetary compensarion recieved
Term
Gross income
Definition
Wages or salary before payroll deductions
Term
Payroll deduction
Definition
A subtraction from your gorss income
Term
FICA
Definition
The law that requires the collection of social security payroll taxes
Term
Net income
Definition
is your gross income
Term
Unearned income
Definition
Earnings from sources other than work
Term
Inerest
Definition
Paid by financial institustions, businesses, and government
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 or stopped because of retirement
Term
Medicare
Definition
a federal program that pays for certain health
Term
Disability
Definition
a limitation that affects a person's ability to function in major life activities
Term
Medicaid
Definition
A government program that pays certain health care costs
Term
Form W-4
Definition
Term
Form W-2.
Definition
Term
Tax deduction
Definition
An expense that can be subtraced from taxable income
Term
Exemptiom
Definition
A tax benefit that reduces the amount of income that is taxed
Term
Tax credit
Definition
An amount you can subteact from taxes you owe
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