| Term | Definition |
|---|
| Benefits | things of value provided by the employer (examples include health insurance, vacation time, and merchandise accounts) |
| Taxable Income | the amount of money on which a person must pay taxes |
| Budget | a future spending plan to help allocate income properly |
| Federal income tax return | the report taxpayers must file each year to determine if they have paid enough taxes |
| Grand total | the corner total of a cash payments record |
| Withholding allowances | these are used to reduce the amount of tax withheld from each paycheck |
| Exemption | Dollar amount of $3,100 |
| Cash payments record | a written record of money paid out |
| Withholding tax | the amount of money deducted from worker's pay for federal income tax |
| Cash receipts record | a written record of money received |
| Net pay | the remaining amount of pay after all deductions are subtracted from total wages |
| Net job benefits | total job benefits minus job expenses |
| Refund | if too much withholding tax has been paid, the government pays it back in this form |
| Deduction | an amount of money subtracted from gross pay |
Combine with other sets
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