Chapter 2 (income, benefits, and taxes) – Flashcards
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in-kind payments
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payments made indirectly on a person's behalf or in a form other than money
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benefits
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forms of pay other than salary or wages
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public goods
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government-provided goods and services paid for by taxes
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form w-2
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a form used to report taxable income a worker received during the calendar year
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gross pay
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total salary wages earned during the pay period
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profit-sharing plan
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a benefit whereby employees may share in the profits of the business
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transfer payments
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money and benefits received from local, state, or federal governments
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medicare tax
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a tax that pays for medical care for retired persons
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net pay
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the amount of your paycheck after deductions
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exemption
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a person claimed as a dependent on a tax return
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sales taxes
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taxes levied on consumer purchases of goods and services
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disposable income
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money available to spend or save after taxes have been paid
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dividends
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a portion of a corporation's profits distributed to stockholders
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sick leave
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paid time away from work due to illness
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personal leave
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paid time away from work due to personal reasons
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use taxes
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taxes based on the use of goods and services provided by the government
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excise taxes
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taxes charged to the purchase of specific goods and services
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in-cash payments
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money in the form of a check, debit card, or other direct payment given to a person needing assistance
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entrepreneur
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a person who takes the risks of being self-employed and owning a business
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overtime pay
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pay received for hours worked into addition to regular hours
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retirement plan
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an account into which employees contribute a portion of their earnings for their retirement
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unearned income
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money received from sources other than working
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social security tax
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a withholding tax to provide old-age, survivors, and disability insurance
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minimum wage
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lowest pay rate allowed by the law for each hour or work
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commission
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a set fee or percentage of a sale paid to an employee instead of or in addition to salary or wages
