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Wise 21-40

epf terms

TermDefinition
Inheritance Assets received from a deceased person's estate.
IRS (Internal Revenue Service) The U.S. government agency responsible for tax collection and tax law enforcement.
Life cycle The series of stages through which an individual or organization progresses over time.
Local taxes Taxes imposed by local governments on income, property, sales, and other activities.
Money A medium of exchange that facilitates transactions for goods and services.
Money order A payment order for a pre-specified amount of money, often used as a secure form of payment.
Net pay The amount of money an employee takes home after deductions from gross wages.
Paycheck A document that an employer gives to an employee as payment for work done.
Paycheck stub or earnings statement A document that accompanies a paycheck, detailing the employee's earnings and deductions.
Payroll deductions Amounts withheld from an employee's gross pay for taxes, benefits, and other purposes.
Payroll exemptions Allowances that reduce the amount of income subject to withholding taxes.
Profit The financial gain obtained when the revenue from business activities exceeds the expenses.
Purchasing power The financial ability to buy products and services, often influenced by inflation.
Rental income Money earned from renting out property or assets.
Social Security tax (FICA) A federal payroll tax that funds Social Security and Medicare programs.
State taxes Taxes imposed by individual states on income, sales, and property.
Store card A credit card issued by a retailer that can only be used at that specific store.
Store cash card A prepaid card that can be used to make purchases at a specific retail store.
Supply and demand An economic model that describes the relationship between the availability of a product and the desire for that product.
Tax refund Money returned to a taxpayer when they have overpaid their taxes.
Created by: moonpool13
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