Shared Flashcard Set

Details

Personal Finance
Personal Finance 4th period
26
Accounting
10th Grade
05/14/2012

Additional Accounting Flashcards

 


 

Cards

Term
Earned Income
Definition
Is the income you receive from employment.
Term
Wage
Definition
Is payment for work and is usually computed on an hourly,daily,or piecework basis.
Term
Minimum Wage
Definition
Is the lowest hourly wage employers can pay most workers by law.
Term
Piecework Income
Definition
Is a wage based on a rate per unit of 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 saleperson.
Term
Tip
Definition
Is money paid for service beyond what is reqired.
Term
Bonus
Definition
Is money added to an employee's base pay.
Term
Compensation
Definition
The payment and benefits received for work performed.
Term
Employee benefit
Definition
Fringe benefit,is a form of nonmonetary compensation.
Term
Gross Income
Definition
Is wages or salary before payroll deductions.
Term
Payroll Deduction
Definition
Is a subtraction from your gross income.
Term
FICA
Definition
It is 7.65 percent of earning.
Term
Net Income
Definition
Is your gross income,if minus payroll deductions.
Term
Unearned Income
Definition
Is earning from sources other than work.
Term
Interest
Definition
Is paid by financial institutions,business,and government in exchange for the use 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 provide income when earning are reduced.
Term
Medicare
Definition
A federal program that pays for certain health care expenes for older citizens and others with disabilities.
Term
Disability
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 costs for eligible low income individuals and families.
Term
Form W-4
Definition
The employee's withholding allowance certificate.
Term
Form W-2
Definition
A wage and tax statement and is usually mailed to your home.
Term
Tax Deduction
Definition
Is an expense that can be subtracted from taxable income.
Term
Exemption
Definition
Is a tax benefit that reduces the amount of income that is taxed.
Term
Tax credit
Definition
An amount you can subtract from the taxes you owe,if you are eligible.
Supporting users have an ad free experience!