Chapter 6 & 7 Flashcards
a form of employee compensation and are in addition to your paycheck
benefits
amounts, both required and optional, subtracted from gross pay are called …
deductions
when deductions are subtracted from gross pay, what is left over is known as ,…
net pay
profit sharing is a way to encourage employees to do more and better work, and is known as …
incentive pay
a group of people working in the same or similar occupations, organized for the benefit of all, is a ….
labor union
the main function of unions is ……
its the process of gettting together w/ employers to negotiate an employment contract
collective bargaining
it states that the person who has worked the longest should be the last to be laid off
seniority
the american bar association is an ex of an ….. which is very simialar to a labor union
professional organization
an effort made to influence legistlation to the advantage of a profession is known as
lobbying
the total or agreed-upon rate of pay or salary is called
gross pay
a person is ….. when he or she is entitled to a retirement account balance when employment is terminated
vested
a type of work schedulue that allows employees to choose their working hours in known as …
flex time
is a technique used to train employees to be efficent in more than one specialized area
job rotation
when two people share was originally a full-time position, is called …
job sharing
it is the crucial time during the day when all employees are needed at work
court time period
T or F
self employed persons pay twice the social security and medicare rates, for a total of 15.3%
true
T or F
net pay is tge result when you subtract required deductions from gross pay
true
some types of deductions may be withheld from your paycheck w/o your written consent
T or F
false
railroad employee would belong to a …. union
craft
teachers, police officers would belong to a …. union
public employee
a decisions facilitated by a neutral 3rd party is called
mediation
net pay is also known as …
take home pay
they are where employers fund retirement $$
pensions
its when you have worked there long enough to meet the requirements for a pension
vested
T orF
if collective bargaining fails or contract expires, they can file for a strike
true
3 types of unions
craft
industrial
public employee
carpenter , plumber , railroad -
crafts
United Auto Workers, Teamsters -
industrial
teacher, police, fire, postal
public employee
an organization of people in a particular occupation that requires considerable training and specialized skills
professional organizations
4 functions of unions …
- recruit new members
- engage in collective bargaining
- support candidates in favor of union
- provide support
money collected by the government from various sources is known as ..
renevue
a tax that increases in proportion to increases in income is known as …
progressive taxes
money earned by individuals that is subject taxation is called …..
taxable income
its a flat amount
standard deduction
money paid to a former spouse(which IS taxable income) for that persons support is called …..
alimony
money paid to a former spouse (which is NOT taxable income) for the support of dependent children is called …
child support
expenses that can be subtracted from gross income are cllaed
deductions
the amount remaining when adjustments are subtracted from gross income is called …
adjusted gross income
when all sources of taxable income are added together , the total iss called …..
gross income
an amount that can be subtracted from your income for each person who depends on your income to live is an …..
exemption
a ….. tax allows a higher-income person to pay a lower percentage of income in taxes than a lower-income person
regressive
to intentionally fail to pay taxes owed is to commit a serious crime called …
voluntary compliance
a type of tax for which the rate stays the same regardless of income is called ..
proportional
is an amount subtracted directly from tax owed
tax credit
an administrative agency of the federal government that collects taxes and enforces tax laws is the …
IRS
an examination of tax returns by the IRs is called an …
audit
our tax system pays for …
education, parks, roads, public transport
the more moneyy uou make, the more you have to pay
income increases, income increases =
progressive
income increases, taxes decrease =
regressive
income and taxes stay the same
proportional
IRS audit enforeces ….
tax laws
they check for accuracy and make sure things are done correctly
IRS audit
the power of tax -
congress can tax
its not paying your fair share
tax evasion
volunteer to comply w/ the laws -
voluntary compliance
(april 15th)
voluntary compliance
that decreases your income
exemptions
who must fil/e
everyone
when to file
april 15th
short form or long form?
depends on deductions & filing status, age, gross income
where to being filing?
organize, paperwork
filing electronically -
everyone can
