Income & Taxes
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| show | The income you receive from employement or from self-employment
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| Wage | show 🗑
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| show | The lowest hourly wage employers can pay most workers by law
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| show | The amount paid for working time in a week that is beyond the standard 40-hour workweek
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| Piecework | show 🗑
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| show | A fixed payment for work and is expressed as an annual figure (it is paid in equal payments)_
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| Commission | show 🗑
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| Tip | show 🗑
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| Bonus | show 🗑
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| show | (Gross Income) Total income before payroll deductions
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| Payroll Deduction | show 🗑
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| show | (Take-home pay) Gross pay(plus bonuses, if you get them) minus payroll deductions
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| FICA taxes | show 🗑
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| Compensation | show 🗑
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| show | (Fringe benefit) A form of noncash compensation received in addition to a wage or salary (offer important financial advantages)
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| show | A Wage and Tax Statement that shows your earnings and the amounts of income, Social Security, and Medicare taxes withheld from your income during the year (usually mailed to home by 31st after the income was earned)
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| show | Earnings from sources other than work
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| Tax deduction | show 🗑
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| show | An allowed expense that you can deduct from your adjusted gross income
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| show | A fixed amount that may be deducted form adjusted gross income (is set by by law and varies according to the taxpayer's filing status)
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| show | An amount that a taxpayer can claim for each perosn who is dependent on that person's income
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| Tax credit | show 🗑
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| Entilement | show 🗑
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| Social Security | show 🗑
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| show | A federal program that pays for certain health-care expenses for older citizens and others with disabilities
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| show | A limitation that affects a person's ability to function in major life activities
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| show | A government program that pays certain health-care costs for eligible, low-income individuals and families
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Created by:
Jakea Harris
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