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