Shared Flashcard Set

Details

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

Additional Finance Flashcards

 


 

Cards

Term
earned income
Definition
the income you receive from employment
Term
wage
Definition
payment for work and is usually computed on an hourly, daily, or piecework basic
Term
minimum
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 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
gratuity, is money paid for service beyond what is require
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
form of nonmonetary compensation received in addition to a wage salary
Term
gross income
Definition
wages or salary before payroll deductions
Term
payroll deduction
Definition
a subtraction from your gross income
Term
FICA (Federal Insurance Contributions Act)
Definition
it's 7.56 percent of earning
Term
net income
Definition
gross income
Term
unearned income
Definition
earnings 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 benefit promised bvy law
Term
social security
Definition
a federal program that provide when earnings are reduced or stopped because of retirement
Term
medicare
Definition
a federal program that pays for certain health care expenses for older citizens and other disability
Term
disability
Definition
a limitation that effects a person's ability to function in major life activities
Term
medicaid
Definition
a government program that pays certain health care costs for eligible low income
Term
form w-4
Definition
this form is called the employees withholding allowance certificate
Term
form w-2
Definition
this form is called a wage and tax statement and is usually mailed to your home
Term
tax deduction
Definition
an expense that can be subtracted from taxable income
Term
exemption
Definition
a taxing benefit that reduce the amount of income that is taxed
Term
tax credit
Definition
an amount of taxes you owe, if you eligle
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