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Chapter 8 Economics

Chptr:8

TermDefinition
allowances factors that affect the amount of income tax withholding
dependent someone who is supported by a taxpayer's income
tax deduction reduces the amount of income that is taxed
itemized deductions amounts actually spent on tax-deductible expenses during the year
standard deduction a set amount that the IRS allows without listing any actual expenses
tax credit on a tax return an amount subtracted directly from the amount of tax owed
direct deposit pay is electronically transferred into your bank account
gross pay total amount of money earned for working during the pay period
net pay take home pay; what's left over after taxes and other deductions have been subtracted from your check
salary set amount of money earned by an employee per year or other fixed amount
wages what an employee earns by the hour, day or item
piecework work for which wages are based on the number of items or pieces produced
commission fixed percentage or amount of profit given to an employee in exchange for making a sale
tips money given to an employee by customers in exchange for a service
minimum wage lowest hourly rate an employer may legally pay most workers
overtime money paid for working more than 40 hours must be at least 1.5 time the employee's regular rate of pay
vested entitled to some or all of your money in a retirement plan when leaving a company
deduction anything that is subtracted from gross pay
Fair Standards Labor Act prevents discrimination against women, minorities, and older workers
Created by: mstrigueros
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