Earned Income
The lowest pay rate allowed by law for each regular hour of work.
What is Minimum Wage?
The money available to spend or save after taxes have been paid.
What is disposable income?
The money received from sources other than working
What is unearned income?
The tax levied as a percentage of the purchase price of goods and services sold to consumers.
What is sales tax?
The total salary or wages during a pay period.
What is gross pay?
The pay received for hours worked in addition to regular hours
What is Overtime Pay?
The account into which employees voluntarily contribute a portion of their earnings for their retirement; employers may match these contributions
What is retirement plan?
The money earned on savings accounts and investments.
What is interest?
The wealth tax based on the assessed value of owned real estate.
What is property tax?
The amount of your paycheck after deductions.
What is net pay?
The set fee or percentage of a sale paid to an employee instead of or in addition to salary or wages.
What is Commission?
The two types of "pay without work".
What is sick leave and personal leave?
The portion of a corporation’s profits distributed to stockholders.
What is dividends?
The tax charged on the use, storage, or consumption of a good that was purchased in one state but used in another state.
The persons who depends on you for more than half of his or her support.
What is a dependent?
The rate at which over time hours are paid.
What is 1 & 1/2 times regular pay?
The benefit that allows employees to share a portion of the business’s profits.
What is profit sharing?
The money and benefits received from local, state, or federal governments.
What is transfer payments?
The direct benefits of paying taxes.
What is public goods (government provided goods and services paid for by taxes)?
Schools, roads, city buildings, ect.
The withholding tax that pays for Old-Age, Survivors, and Disability Insurance (OASDI) benefits.
What is social security tax?
The amount of Jane's net pay for 1 week of working according to the following:
Jane works 43.5 hours with a pay rate of $10.20/hour.
Jane elected to have health insurance that cost her $47.62 per week.
Jane also invest $75 in her retirement per week.
What is $338.93?
The dollar amount Sam's employer is contributing to Sam's retirement investments if:
Sam earns a gross salary of $4,000 per month. Sam is investing 7% of this salary into retirement each month. This means Sam is investing $280 each month.
Sam's employer will match his contributions percentage for percentage up to 3%. How much, dollar amount) is Sam's employer contributing?
What is $120?
The total amount of Bobs monthly unearned income if:
Bob earned $1,200 base salary working at Prince Chevrolet. Bob earned $223.70 in interest from his investments in Coke. Bob also turned 30 this month. YAY! His friends and family gifted him $225 total. At the end of the month Bob received his commission check for $753.
What is $448.70?
The amount of pay deducted from Sarah's pay check if the following were true:
Sarah's gross pay: $1,320
Income tax: 19%
What is $250.80?
Tom's monthly gross pay AFTER taxes is $1864.23
Tom's TOTAL monthly expenses are $1357.00. This includes his rent, utilities, transportation, food, clothing, fun and pet expenses. Everything.
Can Tom afford the following deductions each month?
$200 investment to retirement
$175 for health insurance
$45 for dental insurance
$110 for health savings account
What is NO. He will over by $22.77