Value Creation
All of the money that you earn or receive from sources such as your work, investments, inheritances, and government support programs
Income
A person who works for a company or organization and receives regular paychecks, along with other potential benefits and perks, in exchange for their work
Employee
An additional payment that a worker earns, which is paid to the worker directly by the business's customers rather than the worker's employer
Tips
A formal working relationship between a person and a company or organization, in which the person is hired on a long-term basis to perform work for the organization in exchange for compensation and benefits
Employment
Income that an employee earns which is directly based on the amount of time that they work during a pay period
Hourly Wages
A performance-based type of income that is most commonly paid to salespeople and directly based on the amount of sales they generate
Commissions
Value that you create in society by either doing or making something that someone else is willing to pay for such as a product or service
Economic Value
A specified amount of money that an employee makes, most commonly on a yearly basis; it does not depend on how much time the employee works each pay period
Salary
Money that you have to pay to the government which is based on the amount of money that you've earned over a specific time period
Income Taxes
Your ability to make income from the work that you do; you can enhance this ability by gaining more skills, knowledge, experience, and connections in your career
Earning Potential
A self-employed person who may hire other workers and who sells their products or services directly to the market—as opposed to only being hired for specific projects
Business Owner
The total amount of money an employee has earned during a pay period, before any deductions are taken out
Gross Pay
The capacity that any individual worker has to provide value through their work—based on their level of skills, professional relationships, experience, and education
Human Capital
A self-employed person who does freelance work on a contract basis—meaning they are hired to complete a specific project or provide certain services for a specific period of time
Independent Contractor
The final amount of money that an employee receives in a paycheck after all taxes and deductions have been taken out
Net Pay