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33 Cards in this Set
- Front
- Back
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Form that shows earnings and the amounts of income, Social Security, and Medicare taxes withheld from income during the year. |
Form W-2 |
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A payment for work and is usually calculated on an hourly, daily, or piecework basis |
Wage |
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The amount paid for working time in a week that is beyond the standard 40 hour workweek |
Overtime wage |
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Amount that is subtracted from adjusted gross income which further reduces taxable income |
Tax deduction |
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The income you receive from employment or self employment |
Earned income |
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Form of noncash compensation received in addition to a wage or salary |
Employee benefit |
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Lowest hourly wage that employees can pay most workers by law |
Minimum wage |
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Earnings from sources other than work |
Unearned income |
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Wage based on the rate per unit of work completed |
Piecework |
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Allowed expense that can be deducted from adjusted gross income |
Itemized deduction |
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A fixed payment for work and is expressed as an annual figure |
Salary |
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A fixed amount that may be deducted from adjusted gross income |
Standard deduction |
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Income paid as a percentage of sales made by a salesperson |
Commission |
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Amount that a taxpayer can claim for each person who is dependent on that persons income |
Exemption |
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Money paid for service beyond what is required |
Tip (gratuity) |
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Amount that can be deducted from the taxes a taxpayer owes |
Tax credit |
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Money added to an employees base pay |
Bonus |
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Government payment or benefit promised by law to eligible citizens |
Entitlement |
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Workers earning before payroll deductions |
Gross pay |
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Federal program that pays certain health care expenses for older citizens and others with disabilities |
Medicare |
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Subtraction from gross pay |
Payroll deduction |
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Limitation that affects a persons abilities to function in major life activities |
Disability |
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Gross pay (plus bonuses) minus payroll deductions |
Net pay |
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Government program that pays certain health care costs for eligible, low income individuals and families |
Medicaid |
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Also known as Social security and Medicare taxes are taxes paid by the employee and employer that are used to finance the federal social security and Medicare programs |
FICA taxes |
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Payment and benefits received for work performed |
Compensation |
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Name 5 Types Of Payment |
Straight Salary (annual) Straight Commission (% of sales) Salary+Commission Hourly Piecerate |
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Name five types of Salary. |
Annual Semi Annual Quarterly (every 3 months) Monthly (12) Weekly (52) |
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What are two types of Tax Deductions? |
Itemized Standard |
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What are the three types of taxes? |
Progressive Regressive Proportional |
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Overtime Rate= |
Hrly Rate x 1.5 |
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Ot Pay = |
OT hours x OT rate |
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Gross Pay (total pay) = |
Reg Pay + OT pay |
