| A | B |
|---|
| Earned income | The money you receive for doing a job. |
| Wage | A set amount of pay for every hour of work. |
| Minimum wage | The lowest amount of money an employer is allowed to pay a worker per hour. |
| Salary | A set amount of money paid for a certain period of time. |
| Commission | A percentage of the money taken in from sales made. |
| Tip | A small amount of money given by customers to service-related workers in return for service. |
| Bonus | Extra payment in addition to the workers' regular pay |
| Fringe benefits | Extra financial rewards provided by an employer along with the worker's regular paycheck |
| The current minimum wage for Alabama | $7.25 |
| Piecework | Employees are paid a fixed amount of money for each piece of work done. |
| Incentive bonus | Encourages workers to increase production. |
| Year-end bonus | Given at the end of the year. |
| Gross pay | The total amount you earn for a pay period before any deductions are subtracted from your paycheck. |
| Net pay | The actual amount of pay you receive. |
| Exemptions | A set amount of money on which you do not have to pay tax. |
| Taxes | Payments that citizens and businesses are required to pay to city, county, state, and federal governments. |
| Direct Taxes | Taxes charged directly to the taxpayer. |
| Indirect Taxes | Taxes included in the price of taxed items. |
| Progressive Taxes | Tax the rich at a higher percentage that the poor. |
| Regressive Taxes | Take a lower percentage of income from the rich & a higher percentage of income from the poor. |
| Personal Income Tax & Social Security Tax | Taxes on the amount of money a person make. |
| Personal Property Tax | Tax on the value of personal property & real estate a person owns. |
| Sales Tax | Tax on goods & services. |
| Excise Tax | Tax placed on certain products & services. |
