Education & income
a fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker.
What is wage?
Income received from performing a service.
What is active income?
a tax levied on the net value of the estate of a deceased person before distribution to the heirs.
What is estate tax?
an employee's earnings total after all deductions are subtracted from their gross pay.
What is net pay?
The exchange of goods or services between two or more parties without money
what is bartering?
a fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker.
What is a salary?
Income a person has left after all taxes have been paid Used to buy necessities
What is disposable income?
a consumption tax imposed by the government on the sale of goods and services.
What is sales tax?
A form received in January by your employer that shows how much you earned in the previous year.
What is a W-2 form?
Jessy sold his stocks when they increased in value. After selling he made a profit. What is this an example of
Capital Gain
any program or reward introduced in the workplace to encourage employee performance and stimulate productivity
What are employee Incentives?
Making money/income from an enterprise without being involved.
What is passive income?
wages withheld from an employee’s total earnings for the purpose of paying taxes, garnishments or benefits, like health insurance
What is a payroll deduction?
a U.S. federal payroll tax it helps to fund Social Security and Medicare programs.
What is FICA?
In order to qualify for federal financial aid, which form must you file?
FAFSA
what employees earn before taxes, benefits and other payroll deductions are withheld from their wages.
What is gross pay?
money received from investments, dividends, interest, royalties from an investment, and capital gains.
What is portfolio income?
You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?
W-4 form
A form received in January by contract work showing how much you were paid in the previous year. you are not an employee but you were paid by the company.
What is a 1099 form?
You buy a desk for your room for $200. But 3 years later you decide to move and the desk needs to be sold and you sell if to a friend for $150. What is this an example of?
Capital loss
The ability of an individual, family or some other group to improve or lower their economic status—usually measured in income.
What is economic Mobility.
Income left after disposable income, which can be saved or spent on luxury items or entertainment
What is Discretionary Income?
Form you fill out to the Federal government that shows all the income you made over the previous year.
What is a 1040 form?
A form used to verify the identity and employment authorization of individuals hired for employment in the United States
What is an I-9 form?
Mandy makes $4,000 per month after tax and has $2,000 for basic needs, leaving her with $2,000. What is that leftover money called?
Discretionary income