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Chapter 3

Income & Taxes

TermDefinition
Earned Income The income you receive from employement or from self-employment
Wage Payment for work and is usually calculated on an hourly, daily, or piecework basis(is paid on a schedule- often every week or every two weeks)
Minimum Wage The lowest hourly wage employers can pay most workers by law
Overtime Wage The amount paid for working time in a week that is beyond the standard 40-hour workweek
Piecework A wage based on a rate per unit of work completed
Salary A fixed payment for work and is expressed as an annual figure (it is paid in equal payments)_
Commission Income paid as a percentage of sales made by a salesperson
Tip (Or gratutity) Money paid for service beyond what is required
Bonus Money added to an employee's base pay ( It is usually a reward for performance or a share of business profits)
Gross Pay (Gross Income) Total income before payroll deductions
Payroll Deduction A subtraction from your gross pay
Net Pay (Take-home pay) Gross pay(plus bonuses, if you get them) minus payroll deductions
FICA taxes (Social Security and Medicare Taxes) Taxes paid by the employee and employer that are used to finance the federal Social Security and Medicare programs
Compensation The payment and benefits received for work performed
Employee Benefit (Fringe benefit) A form of noncash compensation received in addition to a wage or salary (offer important financial advantages)
Form W-2 A Wage and Tax Statement that shows your earnings and the amounts of income, Social Security, and Medicare taxes withheld from your income during the year (usually mailed to home by 31st after the income was earned)
Unearned Income Earnings from sources other than work
Tax deduction An amount that is subtracted from your adjusted gross income, which further reduces your taxable income
Itemized deduction An allowed expense that you can deduct from your adjusted gross income
Standard deduction A fixed amount that may be deducted form adjusted gross income (is set by by law and varies according to the taxpayer's filing status)
Exemption An amount that a taxpayer can claim for each perosn who is dependent on that person's income
Tax credit An amount that is subtracted form the taxes you owe if you are eligible
Entilement A government payment or benefit promised by law to eligible citizens
Social Security A federal program that provides income when earnings are reduced or stopped because of retirement, serious illness or injury, or death
Medicare A federal program that pays for certain health-care expenses for older citizens and others with disabilities
Disability A limitation that affects a person's ability to function in major life activities
Medicaid A government program that pays certain health-care costs for eligible, low-income individuals and families
Created by: Jakea Harris
 

 



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