Types of Pay
the lowest pay rate allowed by law for each regular hour of work
What is a minimum wage?
a tax levied as a percentage of the purchase price of goods and services sold to consumers
What is a sales tax?
a direct tax paid to the government that is required to be paid on earned and unearned income
What is an Income Tax?
your total salary or wages earned during a period
What is Gross Pay?
a form required by the government to be filled out by employees to verify that they are eligible to work in the United States
What is an I-9 form?
pay received for hours worked in addition to regular hours
What is overtime pay?
a tax based on the property's assessed value, which is determined by the county or other local taxing authority
What is a property tax?
a person you claim on your tax return as a dependent
What is an exemption?
the amount of your paycheck that you actually receive
What is net pay?
a form you fill out when you are first employed to tell your employer how much taxes to take out of your check
What is a W-4 form?
any income you receive from working
What is earned income?
a tax charged on the use, storage, or consumption of a good that was purchased in one state but used in another state
What is a use tax?
a person who depends on you for more than half of his or her support
What is a dependent?
used to report the taxable income that a worker received during the calendar year.
What is a W-2?
government provided goods and services paid for by taxes
What is public goods?
a set fee or percentage of sale paid to an employee instead of or in addition to salary or wages
What is a commission?
a tax charged on the purchase of specific goods such as gasoline, cigarettes and alcoholic beverages.
What is a excise tax?
a tax that is withheld for the federal governement to pay for Old-Age, survivors and disability insurance.
What is Social Security Tax?
a type of income that is not based on the hours worked but is a set amount
What is a salary?
An excise tax on a product that is not considered essential for a normal standard of living, such as an expensive car or yacht
What is a luxury tax?
money received from sources other than working in a job, either for yourself or someone else.
What is unearned income?
a tax on property transferred from the estate of a deceased person to his or her heirs.
What is an estate tax?
a tax that is withheld for the federal government to pay for medical care for retired persons age 65 and older who receive Social Security benefits
What is Medicare tax?
a short tax return form designed for use by single and joint filers with no dependents or itemized deductions
What is a Form 1040EZ?
an insurance plan that pays medical and disability benefits to employees who are injured or contract diseases on the job
What is Worker's compensation?