Benefits
Services provided by the government paid for by taxes
Public Goods
tax charged on the purchase of specific goods and services
Excise Tax
lowest pay rate required by law for each regular hour of work
minimum wage
Total salary or wages earned during a pay period
Gross pay
What is unearned income?
money received from sources other than working
Name at least one example of a public good.
Military or police protection, or public education
a tax charged on the use, storage, or consumption of a good that was purchased in one state but used in another state
Use Tax
pay received for exceeding hours in addition to normal hours
overtime pay
The actual amount of money you earn after taxes
Net Pay
money earned on savings accounts and other funds
interest
Social Security Tax gives benefits to what group of people (name one)
Old-Age, survivors, and disabled
a tax levied as a percentage of the purchase price of goods and services sold to consumers
Sale Tax
a set fee or percentage of a sale paid to an employee instead of or in addition to salary or wages
commission
What is your gross and net pay displayed in?
A paycheck stub
a portion of a corporation’s profits distributed to stockholders
dividends
What does a personal and sick leave have in common?
They both still pay you, even if you are taking time off.
Public Goods
Money available to employees for personal need after taxes
Disposable income
Difference between exemption and a dependent
exemptions are dependent on a tax return, while dependent people are dependent on someone for more than half of their support
transfer payments are acquired from whom?
the local, state, or federal government
Flexibility in benefits earned is good for what purpose?
It allows workers to pick out only the benefits that they need, instead of having to pay for one that isn't necessary.
Medicare Tax benefits you at what age?
65 or older
Salary is an example of what type of income?
earned income
if injured on the job, what type of plan pays for their medical health?
Worker's Compensation
money in the form of a check, a debit card, or other direct payment given to a person needing assistance
In-cash payments