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personal finance 2

QuestionAnswer
Wage A dollar amount per hour you get paid for doing work
Salary A set amount of money paid to someone in exchange for work
Gross Pay The total amount of earnings before deductions
Net Pay Gross pay minus all the deductions; or the amount you get to take home
Federal Income Tax Taxes on income collected by the US government
Social Security Tax tax that goes to a social insurance program ran by the US government providing benefits for retired workers and disabled people
Medicare tax tax that goes to a national health insurance program ran by the government to get health insurance after retirement
State Income Tax taxes on income collected by state governments used to pay for state government, roads, education, and other services
CT Paid Leave Tax deduction from income that goes towards paid leave for CT residents when having to take care of someone or themselves and take off work
Benefits services or things of value that employees receive from employers in addition to their pay such as vacation pay, health insurance, and sick days.
Charitable Contributions Money or gifts donated to a charity or other worthy cause
Progressive Tax Rate increases as a person's taxable income rises.-the more you make the more they take
Taxable Income the portion of your total earnings that the government uses to calculate how much income tax you owe
Deductions The amount subtracted from your gross pay
Created by: jessicamo12n
 

 



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