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MMA Unit 5 Income
| Term | Definition |
|---|---|
| Hourly pay | How much you make per hour of work |
| Overtime | Hours that you work past 40 hours a week. (Pay is times 1.5 the normal rate.) |
| Minimum wage | The minimum amount per hour that is allowed in a state or city. |
| Tips | Money that is voluntarily given by a costumer for services. |
| Salary | A set amount that you make per year. |
| Commission | A percentage of sales. |
| Investments | You can make money with the money you have saved in the form of interest. |
| Profits | Money that a company makes beyond its expenses can be distributed to owners or stockholders |
| Medicare Tax | 1.4% of gross pay. Medical coverage for those over 65. |
| Social Security Tax | 6.2% of gross pay. Small retirement payments for those over 65. |
| Federal Income Tax Withholdings | Amount that the company withholds from your check toward Federal Income Taxes. Found from Tax Withholding Charts |
| Health Insurance | Some companies will pay all or part of your health insurance and deduct the rest of the cost. |
| Savings/Retirement 401(k) | Some companies will deduct a part of your pay for you to invest before taxes. Some will match all or part of that savings. |
| Union Dues | If you join a professional union, the dues will often be deducted from your pay. |
| IRS | Internal Revenue Service. The government agency that collects income tax. |
| Gross income | The total amount of income that you made from all sources. |
| W-2 | A form from an employer that reports the amount of wages they paid to an employee |
| 1099 | A form from a company that reports the amount paid to a company or independent contractor. |
| Standard Deduction | An amount that you can claim as a deduction from your gross income if you do not itemize. |
| Itemized Deductions | An actually accounting of expenses that are allowed to be deducted from your gross income, including interest on a mortgage, medical expenses, charitable contributions, and others. |
| Taxable Income | Your gross income minus any allowed deductions or credits. |
| Tax refund | The IRS refunds the amount you overpaid in your withholding or estimated payments after you file you taxes. |
| Savings account | An account where you store money to save. They pay a small interest rate. |
| Checking account | An account used to access your money on a regular basis. You usually use checks or a debt card to access the money. |
| Debit card | A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase. |
| Check | A paper that instructs your bank to pay a certain amount to someone else. |
| Certified Check | A paper written by the bank that guarantees payment to the recipient. You pay the face value and a fee to the bank for these. |
| Overdraft | A fee charged by a bank if you write a check or use a debit card when there is not enough money in the account to cover it. The bank may or may not cover the amount but will still charge the fee. |
Created by:
meminot
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