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Strand 3 - Earnings

Financial Lit. P7

TermDefinition
Salary Money paid at regular times for work or services.
Wage Payment of money primarily for labor services according to contract.
Commissions Payment made to employees based on the value of sales achieved.
Tip Additional payment as a result of good service.
Benefits Extra perks to encourage someone to join your organization. (i.e insurance coverage, discounts)
Entrepreneurship Activity of setting up a business and taking on financial risks in the hope of profit.
Dividends Sum of money paid regularly by a company to its shareholders out of its profits
Fixed expenses Expenses that are the same each time you pay them.
Variable expenses Expenses that are different each month. (i.e groceries, gas)
Periodic expenses Expenses occurring at irregular times (i.e car maintenance, college tuition, books, fees)
Pay stub Document that's given to an employee each payday. It shows their total amount earned, less deductions for things like tax.
F.I.C.A (Federal Insurance Contributions Act) Requires that wage earners contribute a portion of their earnings to fund the Social Security and Medicare.
Gross ay An individual's total earnings before taxes or other deductions.
Net pay Amount of money you bring home after taxes and deductions are taken out of your paycheck.
Mandatory spending Government spending required by congressional mandated laws.
Discretionary spending Money formally approved by Congress and the President during the appropriations process each year.
W-4 IRS document you complete for your employer to determine how much should be withheld from your paycheck for income taxes.
I-9 Used to verify the identity and employment authorization of individuals hired for employment in the United States.
W-2 A wage and tax statement used to file a tax return that an employer must give to each employee every year by January 31st.
1040 Form used to file federal income taxes.
Standard deduction Portion of income that is not subject to tax and can be used to reduce a tax bill instead of itemizing deductions.
Deductions Items or expenses that can reduce the taxes a person owes in a given year.
Dependent Someone who relies on another person for financial support, such as for housing, food, clothing, necessities, and more.
Created by: cam_barber
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