Earned Income
The lowest pay rate allowed by law for each regular hour of work.
What is minimum wage?
Forms of pay other than salary or wages.
What are benefits?
Money earned on savings accounts and other funds.
What is interest?
Taxes levied on consumer purchases of goods and services.
What are sales taxes?
Total salary or wages earned during the pay period.
What is overtime pay?
Times when an employee who is not working will be paid.
What is pay without work or paid time off?
A portion of a coporation's profits distributed to stockholders.
What are dividends?
Real-estate tax calculated by a local government based on the value of the owned property.
What are property taxes?
The amount of your paycheck after deductions.
What is net pay?
Pay for each month or year worked.
What is a salary?
Paid time away from work for personal reasons.
What is personal leave or personal days.
A husband's or wife's court-ordered provision for a spouse after separation or divorce.
What is alimony?
A tax in which the average tax rate increases as the taxable amount increases.
What are progressive taxes?
A withholding tax to provide old-age, survivors, and disability benefits/insurance.
What is social security tax?
A gift of money, often a percentage of the total cost of a service.
What is a tip?
Money available to spend or save after taxes have been paid.
What is disposable income?
Rise in the value of an asset (investment or real estate) that gives it a higher worth than the purchase price.
What is a capital gain?
A tax applied uniformly, taking a larger percentage of income from low-income earners than from high-income earners.
What is a regressive tax?
A tax that pays for medical care for retired persons.
What is Medicare tax?
A set fee or percentage of a sale paid to an employee instead of or in addition to salary or wages.
What is a commission?
An insurance plan that employers are required by law to provide for employees; it pays medical bills and disability benefits to workers who are injured.
What is workers' compensation?
Defined-benefit plans that guarantee a given amount of monthly income in retirement and place the investment and longevity risk on the plan provider.
What is a pension?
A combination of a 6.2% Social Security tax and a 1.45% Medicare tax the IRS imposes on employee earnings. For 2019, only the first $132,900 of earnings is subject to the Social Security part of the tax.
What are FICA taxes?
A person claimed as a dependent on a tax return.
What is an exemption?