2.1 Flashcards
Commission
Set fee for sale paid to an employee
Disposable income
Money available to spend or to pay after taxes
Dividends
A portion of a corporations profits or distributed to stockholders
Entrepreneur
Takes risks to be self employed
Excise Taxes
Taxes charged the purchase of specific goods
Exemption
Person claimed dependent on a tax return
Form W-2
Form of a report taxable income a worker receives
Gross pay
Total salary or wages earned during the pay period
In-Cash payment
Money in the form of checks, debit card, or other direct payment given to a person needing assistance
In-Kind Payment
Payments made incorrectly on a person’s behalf or in a form other than money
Medicare Tax
A tax that pays for medical care for retired persons
Minimum wage
The lowest pay rate allowed by law for regular hour of work
Net pay
The amount of your paycheck after deductions
Overtime pay
Pay received for hour work in addition to regular hours
Personal leave
Paid time away from work for personal reasons
Profit sharing plan
A benefit where by employees may share in the profits of the
business
Public goods
Government provide goods and services paid for taxes
Retirement plan
An account into which employees contribute a portion of their earnings for their retirement; employees may match these contributions
Sales taxes
Taxes levied on consumer purchases of goods a services
Sick leave
Paid time away from work because of illness
Social security tax
A withholding tax to provide old-age, survivors, and disability insurance
Transferring payment
Money and benefit from, state, or federal governments
Unearned income
Money received from sources other than working
Use taxes
Taxes based on the use of the services provided by the government
