Forms of Income
Income you receive from employment
Earned income
Money paid for service beyond what is required
Tip
wages or salary BEFORE payroll deductions
Gross income
Earnings from sources other than work
Unearned Income
When the government spends more than it collects
Deficit spending
A payment for work and is usually computed on an hourly, daily, or piecework basis
Wage
Lowest hourly wage employers can pay most workers by law
Minimum wage
A subtraction from your gross income
Payroll deduction
Paid by financial institutions, businesses, and government in exchange for the use of customers' money
Interest
A commitment of the federal government has made
Mandatory expense
A wage based on a rate per unit of work completed
Piecework income
Money added to an employee's base pay
Bonus
What does FICA stand for (or Social Security tax)
Federal Insurance Contributions Act
Government payment or benefit promised by law to eligible citizens
Entitlement
Payment for work that is expressed as an annual figure
Payment and benefits received for work performed
Compensation
take-home pay (gross income plus bonuses if you get them)
Net income
Federal program that provides income when earnings are reduced or stopped because of retirement, serious illness or injury, or death
Social Security
Commission
A form of non-monetary compensation received in addition to wage or salary
Employee benefit
Medicare