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Earnings and Taxes (whathuhinvesting.com)
Terms in this set (53)
the money you receive from employment
An amount of money paid to an employee at a specific rate per hour worked.
Lowest legal wage that can be paid to most workers.
A wage that is based on a rate per unit or item completed.
A fixed amount of money paid to an employee for each pay period.
An amount paid to an employee based on a percentage of the employee's sales.
gratuity, money paid for services beyond what is required
money added to an employee's base pay
payments and benefits received for work
employee benefits (fringe benefits)
rewards that employees receive for being members of the organization and for their positions in the organization; usually not related to employee performance, usually not in the form of money
the total amount of income from wages before any payroll deductions
are the amounts subtracted from gross income which results in your net income
Excess of total revenues over total expenses. Also called net earnings or net profit.
Money received from sources other than working in a job
A sum paid or charged for the use of money or for borrowing money
A required spending by the government that continues year to year without the necessity of passing a new bill
A 1935 law passed during the Great Depression that set up a system of pensions for older people and set up the nation's first system of unemployment insurance.
A federal program of health insurance for persons 65 years of age and older
A public assistance program designed to provide healthcare to poor Americans.
A mental or physical impairment that substantially limits one or more major life activities.
expense categories that are not absolutely necessary
a tax levied on goods or services rather than on persons or organizations
A tax, such as income tax, that is levied on the income or profits of the person who pays it, rather than on goods or services.
A tax for which the percentage of income paid in taxes increases as income increases
A tax for which the percentage of income paid in taxes decreases as income increases
A tax in which the average tax rate is the same at all income levels.
A tax based on the cost of the item purchased and collected directly from the buyer
personal income tax
a tax levied on the taxable income of individuals, households, and unincorporated firms
Consumer tax on a specific kind of merchandise, such as tobacco, alcohol, firearms, gasoline, and luxury items.
A tax levied on the value of physical assets - either real or personal properties.
A tax on the estate, or total value of the money and property, of a person who has died
Tax on gifts above $11,000 to any one person given in any one year
Internal Revenue Service, resposible for collecting federal taxes
A form that you fill out to provide the information your employer needs to determine the proper amount to withhold from your paycheck
Annual report by an employer to each employee showing the employee's wages subject to FICA and federal income taxes along with amounts withheld
Form sent by the financial institutions stating how much interest you earned and dividends and copy A is sent to the government
Expense that a taxpayer is allowed to deduct from taxable income; examples include money paid as home mortgage interest and charitable donations.
Tax form used by people who make over a certain amount or itemize their deductions
Simple tax return form, often filled out by young people sometimes called the "short form"
expenses you can subtract from adjusted gross income to determine your taxable income
A number that includes the taxpayer and any dependents. Because most teens are listed as dependents on their parents taxes, their tax exemption is 0.
An amount subtracted directly from the tax owed
A reveiw of a tax return by the IRS in which the taxpayer must show proof of all deductions, expenses, and income.
corporate income tax
a tax a corporation pays on it's profits
networking (referring to jobs)
The positive difference between the purchase price of a stock and its sale price
A check returning the taxpayers money to the taxpayer after tax returns are filed and the over paid tax is determined.
any type of additional income over expenses that is completely unexpected
amounts calculated on the Form W-4 that reduce the federal tax withheld from a person's paycheck, such as dependants, the taxer payer, and other exemptions
the actual amount of money you pay taxes on
earned income credit (EIC)
the amount of adjustment as a tax credit for low earners
adjusted gross income
the amount of money you made after adding additional income as in interest, dividends, etc
married filing jointly
you and your spouse are filing a return together
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