Term
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Definition
| The income you receive from employment. |
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Term
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| Payment for work and is usually computed on an hourly, daily, or piecework basis. |
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Definition
| The lowest hourly wage employers can pay most workers by law. |
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| Is a wage based on a rate per unit of work completed . |
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Definition
| Is payment for work that is expressed as an annual figure. |
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Term
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| Is income paid as a percentage of sales made by a salesperson. |
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Term
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Definition
| Or gratuity, is money paid for service beyond what is required. |
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Definition
| Is money added to an employee's base pay. |
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Term
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Definition
| Is the payment and benefits received for work performed. |
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Term
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Definition
| Or fringe benefit, is a form of nonmonetary compensation received in addition to a wage or salary. |
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Term
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Definition
| Is wages or salary before payroll deductions. |
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Term
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| Is a subtraction from your gross income. |
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Term
| FICA (Federal Insurance Contributions Act) |
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Definition
| The law that requires the collection of social security payroll taxes. |
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Definition
| Or take-home pay, is your gross income (plus bonuses, if you get them), minus payroll deductions. |
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Term
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Definition
| Is earnings from sources other than work. |
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Term
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Definition
| Is paid by financial institutions, businesses, and government in exchange for the use of customers' money. |
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Term
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Definition
| Is a government payment or benefit promised by law to eligible citizens. |
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Term
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Definition
| Is a federal program that provides income when earnings are reduced or stopped because of retirement, serious illness or injury, or death. |
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Term
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Definition
| Is a federal program that pays for certain health care expenses for older citizens and othersd with disabilities. |
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Term
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Definition
| Is a limitation that affects a person's ability to function in major life activities |
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Term
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Definition
| Is a government program that pays certain health care costs for eligible low- income individuals and families. |
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Term
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Definition
| The employee's withholding allowance certificate that tells the employer how much tax to withhold from an employee's paycheck. |
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Term
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Definition
| A wage and tax statement that states the amount an employee was paid in the previous year. It also gives the amounts of income, social security, and medicare taxes withheld from an employee's income during the year. |
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Term
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Definition
| Is an expense that can be subtracted from taxable income. |
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Term
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Definition
| Is a tax benefit that reduces the amount of income that is taxed. |
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Term
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Definition
| Is an amount you can subtract from the taxes you owe, if you are eligible. |
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