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Business Finance
Chapter 2 Net Income
| Term | Definition |
|---|---|
| federal income tax | Money withheld by an employer from an employee's paycheck to pay federal government taxes |
| withholding allowance | The number of people an employee supports, which helps employers know how much money to withhold for federal income tax |
| exemption | Withholding allowances, which allow for supporting yourself, your spouse, and others in your family who are your dependents |
| graduated income tax | A system that increases the tax rate at different levels of income |
| Social Security | A federal government program to pay for retirement and disability benefits |
| Medicare | A federal government program to provide medical insurance |
| group insurance | Health insurance offered by many businesses to employees, paid in part by the business ad in part by the employee |
| net pay | The amount of money you have left after your employer subtracts all tax withholdings and personal deductions from your gross pay |
| claim | To assert to be rightfully one's own |
| percent | Reckoned on the basis of a whole divided into one hundred parts |
| income | a gain or recurrent benefit usually measured in money that derives from capital or labor |
| require | to claim or ask for by right and authority |
| medical | of, relating to, or concerned with physicians or the practice of medicine |
| community | a group linked by a common policy |
Created by:
winninghamp
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