Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Income

QuestionAnswer
Exempt being free from an obligation or liability imposed on others. "exempt from paying taxes"
Employer Company you work for
EMPLOYEE Yourself
Earned Income How much you make annually
Direct deposit wages/money directly deposited into bank from paycheck
Dependent Individual you can claim on tax form
Biweekly getting paid every other week
Federal income tax Taxes paid to federal government
FICA taxes deducted to fund social security and medicare
FORM 1099 forms sent by your bank if you have earned income from a savings
Gross income Sum of all wages; what is shown on your paycheck before any deductions
Hourly wage Money earned per hour
Medicare tax Pay to fund Medicaid
Net income After all deductions your take home
Overtime Pay Fair Labor Standards Act (FLSA) says if you work more than 40 hours a week you get paid at time and half
Profit Sharing a system in which the people who work for a company receive a direct share of the profits.
Salary a fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker.
Commission is the amount of compensation paid to a person based on the amount of sales generated. This is typically a percentage
Social Security Tax the tax levied on both employers and employees to fund the Social Security program in the U.S
Tax Deduction is a deduction that lowers a person's or an organization's tax liability by lowering their taxable income. Deductions are typically expenses
Tips money given to an employee by customers in exchange for doing a service
W2 Form reflects your income earned and taxes withheld from the prior year to be reported on your income tax returns. · Employers use W-2s to report FICA taxes
W4 Form to let employers know how much tax to withhold from their paycheck based on the employee's marital status, number of exemptions
Allowances factors that affect the amount of income tax that will be withheld(taken) from your check
Created by: Agiberson22
Popular Finance sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards