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Chp 18 Study Guide

Study Guide for Chapter 18 Test Income and Taxes

TermDefinition
taxable income Amount on which taxes are calculated.
unearned income Earnings from sources other than work.
standard deduction Fixed amount that may be deducted from adjusted gross income.
allowance Amount of earnings not subject to income taxes.
tip Money paid for service beyond what is required.
earned income Income in the form of a wage, salary, or commission. Also income received from employment or from self-employment.
Form W-4 Employee’s Withholding Allowance Form that helps an employer determine an employee’s payroll deductions.
tax credit Amount that is subtracted from the taxes an individual owes if eligible.
wage Payment for work and is usually calculated on an hourly, daily, or weekly basis.
net pay Gross pay minus payroll deductions.
Payroll deduction Subtraction from gross pay.
bonus Money added to an employee’s base pay.
exemption Amount that a taxpayer can claim for each person who is dependent on that person’s income.
itemized deduction An allowed expense that can be deducted from adjusted gross income.
Form W-2 Wage and Tax Statement Form that shows earnings and tax deductions withheld during the year.
personal financial management A process used by individuals to manage limited income to meet personal unlimited needs and wants
financially capable A person who has the ability to understand basic topics related to finance
fixed expense An expense that is equal in amount each budget period
variance The difference between a budgeted dollar amount and the actual dollar amount
variable expense An expense that can go up and down during the budget period
tax deduction an amount that is subtracted from adjusted gross income, which further reduces taxable income.
April 15th Deadline to file Taxes. Also known as Tax Day.
FICA Taxes Taxes paid by the employee and the employer that are used to finance the federal Social Security and Medicare programs
Created by: mrstephens
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