Earned Income
The amount of a paycheck before deductions is what kind of income
Gross income
Money paid to an employee that got hurt on the job and has to miss work
Workers Compensation
What is a fixed expense?
An expense that is the same amount every month (car payment)
If a worker makes $15/hour and works 30 hours per week, what is their gross income for two weeks worth of work?
$900
The document someone receives to prove that an item was purchased
A receipt
The amount of a paycheck after deductions is what kind of income
Net income
The retirement program that is offered by most employers that receives a matching contribution is called what
401k
An expense that is a different amount every month is called what?
A Variable Expense
I a worker makes a salary of $3,000/month, what is their annual earnings?
$36,000
The amount of money a wage earner earns if he/she exceeds 40 hours per week worked
Overtime
The kind of earnings that are paid by the hours that are worked
Wages
Income paid to shareholders of a profitable corporation
Dividends
The extra money credit cards charge each month that is a percentage of principle
Interest
A savings account at the local bank pays a 5% annual interest rate, what would be the yearly payout for a $1,000 deposit that lasted the full term?
$50
Taxes from income is paid to three levels of government. What are the three levels?
Local, State & Federal
The amount of a paycheck that remains the same each pay period
Salary
The name of a government program that all employees pay into that workers get back when they retire is called what?
Social Security
The expense that is state law that is charged for vehicles pay for a loss in the event of an accident
Insurance
A stock dividend pays $150 each quarter. What is the payout for a year?
$600
Salry or wages plus a benefit package is called what?
Total compensation
An amount of money on top of a wage that is usually earned by a service worker for doing an exceptional job
Tips
Another name for unearned income is what?
Passive Income
A house loan
Mortgage
If someone earns and annual salary of $60,000/year, how much do they make each month?
$5,000
How much is overtime pay?
One and a half time normal pay rate