Income
the income received from employment, including self-employment
Earned income
a fixed payment for work and is expressed as an annual figure
Salary
What form do you receive for income from contracted work, royalties, unemployment compensation, and other nonemployee income?
Form 1099
the amount of total tax owed on income for the year
Tax liability
money paid for service beyond what is required
Tip
payment for work that is usually calculated on an hourly, daily, or piecework basis
income paid as a percentage of sales made by a salesperson
commission
What is an individual who relies on someone else for financial support, such as a child, a spouse, or an elderly parent?
dependent
a report containing information used to calculate taxes owed by the taxpayer
tax return
These are examples of what?
Insurance, retirement plan matching contributions, sick leave and vacation time, flexible work schedule
employee benefit
What is minimum wage is the lowest hourly wage employers can pay most workers by law
7.25
total income before payroll deductions
Gross pay
When you begin a job, your employer will ask you to complete a
Form W-4
Wage and Tax Statement that shows your earnings and the amounts of income, Social Security, and Medicare taxes withheld from your earned income during the year
Form W-2
The amount of time an individual spends at work compared to the amount of time spent in a personal life
personal leave, family leave, flextime
Work-life balance
Social Security and Medicare taxes, are taxes paid by the employee and employer that are used to finance the federal Social Security and Medicare programs. What is this tax called?
FICA taxes
What is also known as take-home pay, is gross pay (plus bonuses) minus payroll deductions?
Net pay
Name the US government law that sets and enforces the minimum wage.
The Fair Labor Standards Act (FLSA)
the government agency responsible for enforcing federal income tax laws
The Internal Revenue Service (IRS)
all the income an individual receives in a year, including both earned and unearned income
Gross income
people work for themselves and earn income called profit or self-employment income
Self-employed worker
These are examples of what?
Social Security taxes, Medicare taxes, income taxes, Health Insurance, 401K/Retirement contributions
payroll deductions
a detailed examination of a tax return by the IRS
tax audit
simplest form to use to file your taxes with the IRS
Form 1040EZ
amount paid for working time in a week that is beyond the standard 40-hour workweek
Overtime wage