Shared Flashcard Set

Details

Income and Taxes
N/A
26
Finance
Not Applicable
05/07/2012

Additional Finance Flashcards

 


 

Cards

Term
earned income
Definition
income recieved from employement
Term
wage
Definition
payement for work
Term
minimum wage
Definition
lowest hourly wage employers can pay most workers by law
Term
piecework income
Definition
wage based on rate per unit of work completed
Term
salary
Definition
payement for work expressed as an annual figure
Term
commission
Definition
income paid as a percentage of sales made by a sales person
Term
tip
Definition
gratuity
Term
bonus
Definition
money added to base pay
Term
compensation
Definition
payement and benefits recieved for work performed
Term
employee benefit
Definition
nonmonetary compensation
Term
gross income
Definition
wages or salary before payroll deductions
Term
payroll deduction
Definition
subtraction from you r gorss income
Term
FICA(Federal Insurance Contributions Act)
Definition
Employers pay half of FICA taxes for each employee
Term
net income
Definition
take home pay
gross-payroll deductions
Term
unearned income
Definition
earnings from places other than work
Term
interest
Definition
paid financial institutions, and businesses,gov't in exchange for the use of customers' money
Term
entitlement
Definition
gov't payements or benefits promised by law to eligible citizens
Term
Social Security
Definition
federal program that provides income when earnings are reduced or stopped because of retirement,serious illness,injury,or death
Term
Medicare
Definition
federal program that pays for for certain health care expenses for older citizens and other with disabilities
Term
disability
Definition
a limitatioon that affetcs a persons ability to function in major life activities
Term
Medicaid
Definition
gov't program that pays certain health care cost for the eligible
Term
Form W-2
Definition
wage and tax statement
Term
Form W-4
Definition
Employess witholding allowance certificate
Term
tax deduction
Definition
expense that can be subtracted from taxable income
Term
exemption
Definition
tax benefit that reduces amount of income taxed
Term
tax credit
Definition
amount you can subtract from the taxes you owe
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