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Chapter 8 Economics
Chptr:8
| Term | Definition |
|---|---|
| allowances | factors that affect the amount of income tax withholding |
| dependent | someone who is supported by a taxpayer's income |
| tax deduction | reduces the amount of income that is taxed |
| itemized deductions | amounts actually spent on tax-deductible expenses during the year |
| standard deduction | a set amount that the IRS allows without listing any actual expenses |
| tax credit | on a tax return an amount subtracted directly from the amount of tax owed |
| direct deposit | pay is electronically transferred into your bank account |
| gross pay | total amount of money earned for working during the pay period |
| net pay | take home pay; what's left over after taxes and other deductions have been subtracted from your check |
| salary | set amount of money earned by an employee per year or other fixed amount |
| wages | what an employee earns by the hour, day or item |
| piecework | work for which wages are based on the number of items or pieces produced |
| commission | fixed percentage or amount of profit given to an employee in exchange for making a sale |
| tips | money given to an employee by customers in exchange for a service |
| minimum wage | lowest hourly rate an employer may legally pay most workers |
| overtime | money paid for working more than 40 hours must be at least 1.5 time the employee's regular rate of pay |
| vested | entitled to some or all of your money in a retirement plan when leaving a company |
Created by:
mstrigueros
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