Benefits
Payments made indirectly on a person's behalf in a form other than money.
What are in-kind payments?
Forms of pay other than salary or wages.
What are benefits?
Government provided good and services paid for by taxes.
What are public goods?
A form used to report taxable income a worker received during the calendar year.
What is a W-2?
Total salary or wages earned during a pay period.
What is gross pay?
A benefit whereby employees may share in the profits of the business.
What is a profit-sharing plan?
Money and benefits received from local, state, or federal governments.
What are transfer payments?
A tax that pays for medical care for retired persons.
What is Medicare tax?
The amount of your paycheck after deductions.
What is net pay?
A person claimed as a dependent on a tax return.
What is an exemption?
Taxes levied on consumer purchases of good and services.
What is sales tax?
Money available to spend or save after taxes have been paid.
What is disposable income?
What are dividends?
Paid time away from work due to illness.
What is sick leave?
Time away from work for personal leave.
What is personal leave?
Taxes based on the use of goods and services provided by the government.
What is use tax?
Taxes charged on the purchase of specific goods and services.
What is excise tax?
Money in the form of a check, debit card, or other direct payment given to a person needing assistance.
What are in-cash payments?
A person who takes the risks of being self-employed and owning a business.
What is an entrepreneur?
Pay received for hours worked in addition to regular hours.
What is overtime pay?
An account into which employees contribute a portion of their earnings for their retirement.
What is a retirement plan?
Money received from sources other than working.
What is unearned income?
A withholding tax to provide old-age, survivor, and disability insurance.
What is social security tax?
Lowest pay rate allowed by law for each hour of work.
What is minimum wage?
A set fee or percentage of a sale paid to an employer instead of or in addition to salary or wages.
What is commission?