Shared Flashcard Set

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vocab
cahpter 21 page 150-160
24
Finance
10th Grade
05/07/2012

Additional Finance Flashcards

 


 

Cards

Term
earned income
Definition
is the income you receive from employment. As you enter the workplace, you will learn that income from work
Term
wage
Definition
is payment for work and is usually computed on an hourly, daily or piecework basis.
Term
minimum
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 woek completed
Term
salary
Definition
is payment for work work that is expressed as annual figure.
Term
commission
Definition
is income paid as percent age of sales made by salesperson
Term
tip
Definition
or gratuity,is money paid for service beyond what is required.
Term
bonus
Definition
is money added to employee base pay
Term
compensation
Definition
is the payment and benefit received for work performed.
Term
employee benefit
Definition
or fring benefit, is a form of nonmonetary compensation received in addition to wage or salary.
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
its 7.65 percent of earnings. employers pay half of the fica taxes for each employe.
Term
net income
Definition
or take-home pay,is your gross income (plus bonuses, if you get them), minus payroll deduction.
Term
unrearned income
Definition
is earnings from soures other than work.
Term
interest
Definition
is paid by financial institutions, businesses, and goverm,ent in exhange for the use of customers money
Term
entitlement
Definition
is government payment or benefit promied by law to eligible citizens.
Term
social security
Definition
is a federal program that provides income when earnings are reduced
Term
medicare
Definition
is a government program
Term
form W-4
Definition
certificate,7-5
Term
form W-2
Definition
from each employer 7-6
Term
tax deduction
Definition
able income
Term
exemption
Definition
is a tax benefit that reduces the amount of income that is taxed.
Term
tax credit
Definition
is amount you subtract from the taxes you owe, if you are eligible.
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