Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
|
Wage |
The payment you receive for work |
|
|
W2 form |
The wage and tax statement that shows your earnings and taxes withheld |
|
|
Tax deduction |
The amount subtracted from your adjusted gross income, which reduces taxable income |
|
|
Earned income |
The income you receive from employment or self employment |
|
|
Exemption |
The amount a tax payer can claim for each person who is dependent on that person's income |
|
|
Overtime |
The amount paid for working beyond the standard 40 hour work week |
|
|
Minimum wage |
The lowest hourly wage employers can pay most workers by law |
|
|
Standardized deduction |
A fixed amount that may be deducted from adjusted gross income |
|
|
Tip |
A gratuity you receive for good work and being friendly |
|
|
Employee benefit |
A non-cash compensation received in addition to a wage or salary |
|
|
Bonus |
Money added to an employee's base pay on occasion |
|
|
Itemized deduction |
And allowed expense you can deduct from your adjusted gross income |
|
|
Gross pay |
Total pay before deductions are made |
|
|
Compensation |
payment and benefits received for work performed |
|
|
Net pay |
Take home pay; gross pay minus payroll deductions |
