chapter 2 Personal Finance
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Created by:
imdjdanger on January 8, 2012
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25 terms
Terms | Definitions |
|---|---|
 Form W-4 | an IRS form indication how much should be withheld from an employee's earning to pay federal income taxes |
| tax allowances | amounts calculated on the Form W-4 that reduce the federal tax withheld from a person's paycheck |
| exemptions | another word for tax allowances |
| exempt statues | a release from paying taxes because of insufficient income |
| company policy handbook | a booklet outlining a company's rules, policies, and procedures |
| overtime | hours worked in addition to the legal limit of forty hours per week |
| gross pay | the total amount of wages or salary earned before any deductions are subtracted |
| deductions | amounts subtracted from gross pay, such as Social Security tax, federal and state income tax, withholding, health insurance, retirement, and so forth; also refers to expenses that are subtracted from income on a tax return |
| net pay | the amount received after all deductions have been subtracted from a paycheck; also called take-home pay |
| flextime | a work schedule with flexible hours |
| job sharing | a situation in which two or more employees share the same job |
| telecommuting | working outside the office, usually from home, using a computer |
| WiFi | short for wireless fidelity, a high-speed internet connection |
| mentor | a more experienced person who offers advice and support to guide someone's career decisions |
| in-service training | employee classes for developing skills, providing information, and improving working relationships among employees; also called professional development seminars |
| community college | a two-year college that offers an associate's degree; also called a junior college or a city college |
| trade school | an institution of higher learning that teaches the skilled trades |
| apprenticeship program | an education that combines on-the-job training with formal classroom instruction |
| learning networks | online discussions in which participants share skills and knowledge |
| entrepreneurship | the skills related to organizing, managing, and taking on the risks of owning a business |
| franchise | a legal contract allowing an individual or group to operate a business in the name of a recognized company |
| franchisor | the recognized company under which a franchise operates |
| franchisee | the person who operates a franchise |
| articles of incorporation | the primary rules governing the management of a corporation |
| limited liability company (LLC) | a relatively new type of corporate arrangement whose owners have limited personal liability for the debts and actions of the company, and with other features more like a partnership |
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