Vocabulary Set 1
National legislative body of U.S. consisting of the Senate and House of Representatives as a continuous institution.
Congress
Amount, based on a percentage of a purchase, paid to the local governments and school districts in which one lives.
Property Tax
Amount Deducted from a paycheck by an employer on the employee's behalf to pay federal income taxes based on the number of personal allowances claimed.
Federal Withholding
Government program which provided economic assistance to a person faced with unemployment, disability or old age; paid for by a set percentage taken out of one's paycheck and paid to the federal government during working years.
Payment for work done per hour
Hourly Wage
Internal Revenue Service; federal bureau which collects taxes every year and turns the money over to the Treasury Department to cover expenses of the U.S. government.
IRS
Tax, similar to a sales tax, imposed on some goods.
Excise Tax
Federal Insurance Contributions Act; a Social Security retirement tax.
FICA
Allowence
Base hourly wage set by the federal government.
Minimum Wage
Executive agency responsible for promoting economic prosperity and ensuring financial security of the United States
U.S. Treasury
Amount, based on the value of one's estate, which one's heirs or beneficiaries will pay to government upon one's death.
Estate Tax
Amount of income before taxes and other deductions.
Gross Pay
Base Salary
Salary range set by the government for all government jobs.
Official Salary Schedule
Amount, based on percentage of one's taxable income, paid to the U.S., and in some cases, to the state in which one lives.
Income Tax
Tax imposed on the transfer of money or property from one living person to another by gift, payable by the donor.
Gift Tax
Program under the U.S. Social Security Administration which reimburses hospital's and physicians for medical care provided to qualifying people overt 65 years old; paid for by a set percentage taken out of one's paycheck and paid to the federal government during working years.
Medicare
Fixed amount of money paid to a person on a regular basis for services rendered.
Commission
Payment for additional work done outside of regular working hours.
Overtime
Amount, based on percentage of one's taxable income, paid to the state and local governments in which one lives.
Sales Tax
Person who relies on another for financial support.
Dependent
Amount of income after taxes and other deductions; also known as take-home pay.
Net Pay
Sum of money given to an employee in addition to the employee's usual compensation.
Bonus
Amount of money one is paid at the beginning of a job.
Starting Salary