Unit 2 Flashcards

1
Q

Hourly Wage

A

you earn so much per hour worked.

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2
Q

Minimum Wage

A

The lowest pay rate allowed by law for each regular hour of work

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3
Q

Overtime Pay

A

Pay received for hours worked in addition to regular hours. At least 1.5 times regular hourly wage.

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4
Q

Salary

A

You receive a fixed rate of pay for each pay period regardless of how many hours worked.

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5
Q

Commission

A

You earn a percentage of the amount of sales you make.

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6
Q

Tips

A

You make money for providing a service for customers, who then leave a tip.

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7
Q

Piecework Rate

A

You earn a set amount of each piece produced or for each piece produced that exceeds the expected level of production

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8
Q

Entrepreneur

A

Is someone who is self-employed and owns a business

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9
Q

Lifestyle Business

A

Small business in which the owner plans to keep it small.

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10
Q

Venture Business

A

Small business but the owner plans to grow it into a large business.

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11
Q

Benefits

A

forms of pay other than salary or wages

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12
Q

Weekly pay period

A

get paid once a week

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13
Q

biweekly pay period

A

payed once every two weeks

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14
Q

semimonthly

A

payed twice a month

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15
Q

monthly

A

payed once a month

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16
Q

educational benefits

A

company pays for higher education

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17
Q

perks

A

extra things you get from your job

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18
Q

profit-sharing plan

A

bonuses, company shares a large profit they got with employees

19
Q

stock option plan

A

purchase company stock at a reduced price

20
Q

Unearned Income

A

money received from sources other than working in a job, either for yourself or for someone else

21
Q

Transfer Payments

A

money and benefits received from local, state, or federal governments

22
Q

In-Cash Payments

A

Money in the form of a check, debit card, or other direct payment given to a person needing assistance

23
Q

In-Kind Payments

A

payments made indirectly on a person’s behalf or paid in a form other than money to those in need.

24
Q

Income Tax

A

tax paid on all earned and unearned income

25
Sales tax
a consumption tax paid on the purchase of goods and services
26
property tax
tax paid based off of the value of any type of real estate.
27
wealth tax
tax on items of value that you own
28
capital gains tax
tax on the sale of any investment
29
gift tax
a tax on any gift more than $16,000 in a calendar year
30
Progressive Tax
a tax in which the rate increases as the payer's income increases
31
regressive taz
a set flat percentage tax
32
payroll deduction
money taken out of an employee's paycheck
33
social security tax
a withholding tax to provide old-age, survivors, and disability insurance
34
medicare tax
a tax that pays for medical care for retired people
35
gross pay
salary or wages received before taxes and other deductions are taken out
36
net pay
amount of money an employee takes home after taxes and other deductions have been subtracted from his or her earnings
37
disposable income
income remaining to spend or save after deductions have been taken out
38
form w-4
the form that determines the amount of tax the employer will withhold from you paycheck
39
exemption
a person claimed as a dependent on a tax return
40
dependent
a person who depends on you for more than half of his or her support
41
form i-9
the form used to verify an employee is eligible to work in the United States
42
form w-2
the form that reports an employee's annual wages and the annual amount of taxes withheld from their paychecks
43
form 1099
the form used to report various types of income other than wages, salaries, and tips
44
form 1040
the standard form that taxpayers use to file their annual income tax return