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2nd period
| Term | Definition |
|---|---|
| earned income | the income received from employment, including self-employment |
| payroll deduction | a subtraction from gross pay. Payroll deductions can lower a paycheck by 20 percent or more |
| net pay | gross pay (plus bonuses) minus payroll deductions |
| tax returns | a report containing information used to calculate taxes owed by the taxpayer |
| form w-2 | the Employee’s Withholding Certificate that helps an employer determine how much income tax to withhold from an employee’s paychecks as payroll deductions |
| capital gains | when property, such as corporate stock, is sold for an amount greater than its cost |
| tax liability | tax owed |
| Examples of earned income | wages salary tips and commission |
| Difference between a wage and a salary | wage hourly/ salary yearly |
| Examples of employee benefit | Bonus, insurance, vacation (time off), sick leave, retirement, healthcare |
| who has to file taxes | individuals and businesses (income must be a certain amount) |
| Examples of filing statuses | single, married (jointly/separated), head of household, qualifying widow (er) |
| 5 steps to complete a tax return | personal information, income, standard deduction, tax liability, and signature |
| Primary purpose of taxes | government's MAIN source of revenue for operations, facilities, and services |
| 3 government spending categories | mandatory, discretionary, and interest on debt |
Created by:
savyisdabest
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