Personal Finance, Ch.2

Front 1

Form W-4

Back 1

An IRS form indicating how much should be withheld from an employee's earnings to pay federal income taxes.

Front 2

Tax Allowances

Back 2

Amounts calculated on the Form W-4 that reduce the federal tax withheld from a person's paycheck.

Front 3

Exemptions

Back 3

Another word for tax allowances.

Front 4

Exempt Status

Back 4

A release from paying taxes because of insufficient income.

Front 5

Company Policy Handbook

Back 5

A booklet outlining a company's rules, policies, and procedures.

Front 6

Gross Pay

Back 6

The total amount of wages or salary earned before any deductions are subtracted.

Front 7

Overtime

Back 7

Hours worked in addiction to the legal limit of forty hours per week.

Front 8

Deductions

Back 8

Amounts subtracted from gross pay, such as Social Security tax, federal and state income tax withholding, health insurance, retirement, and so forth. It also refers to expenses that are subtracted from income on a tax return.

Front 9

Net Pay

Back 9

The amount received after all deductions have been subtracted from a paycheck, also called take-home pay.

Front 10

Flextime

Back 10

A work schedule with flexible hours.

Front 11

Job Sharing

Back 11

A situation in which two or more employees share the same job.

Front 12

Telecommuting

Back 12

Working outside the office, usually from home, using a computer.

Front 13

WiFi

Back 13

Short form wireless fidelity, a high-speed internet connection.

Front 14

Mentor

Back 14

A more experienced person who offers advice and support to guide someone's career decisions.

Front 15

In-Service Training

Back 15

Employee classes for developing skills, providing information, and improving working relationships among employees, also called professional development seminars.

Front 16

Community College

Back 16

A two-year college that offers an associate's degree, also called a Junior College, or a City College.

Front 17

Trade School

Back 17

An institution of higher learning that teaches the skilled trades.

Front 18

Apprenticeship Program

Back 18

An education that combines on-the-job training with formal classroom instruction.

Front 19

Learning Networks

Back 19

Online discussions in which participants share skills and knowledge.

Front 20

Entrepreneurship

Back 20

The skills related to organizing, managing, and taking on the risks of owning a business.

Front 21

Franchise

Back 21

A legal contract allowing an individual or group to operate a business in the name of a recognized company.

Front 22

Franchisor

Back 22

The recognized company under which a franchise operates.

Front 23

Franchisee

Back 23

The person who operates a franchise.

Front 24

Articles of Incorporation

Back 24

The primary rules governing the management of a corporation.

Front 25

Limited Liability Company (LLC)

Back 25

A relatively new type of corporate arrangement whose owners have limited personal liability for the debts and actions of the company, and with other features more like a partnership.