| A | B |
|---|
| benefits | forms of compensation in addition to salary or wages |
| minimum wage | the lowest pay rate allowed by law for each regular hour of work |
| overtime pay | pay received for hours worked in addition to regular hours |
| commission | a set fee or percentage of a sale paid to an employee instead of or in addition to salary or wages |
| disposable income | e money available to spend or save after taxes have been paid |
| sick leave | paid time away from work due to illness |
| personal leave | paid time away from work for personal reasons |
| retirement plan | an account into which employees voluntarily contribute a portion of their earnings for their retirement; employers may match these contributions |
| profit sharing | a benefit that allows employees to share a portion of the business’s profits |
| unearned income | money received from sources other than working |
| interest | money earned on savings accounts and other funds |
| dividends | a portion of a corporation’s profits distributed to stockholders |
| transfer payments | money and benefits received from local, state, or federal governments |
| in-cash payments | money in the form of a check, a debit card, or other direct payment given to a person needing assistance |
| in-kind payments | payments made indirectly on a person’s behalf or paid in a form other than money |
| sales tax | a tax levied as a percentage of the purchase price of goods and services sold to consumers |
| use tax | a tax charged on the use, storage, or consumption of a good that was purchased in one state but used in another state |
| excise tax | a tax charged on the purchase of specific goods and services |
| property tax | a wealth tax based on the assessed value of owned real estate |
| public goods | government provided goods and services paid for by taxes |
| gross pay | total salary or wages earned during a pay period |
| net pay | the amount of your paycheck after deductions |
| exemption | (1) a person claimed as a dependent on a tax return; (2) property that a debtor in bankruptcy does not have to forfeit to pay off creditors |
| dependent | a person who depends on you for more than half of his or her support |
| Social Security tax | a withholding tax that pays for Old-Age, Survivors, and Disability Insurance (OASDI) benefits |
| Medicare tax | a tax that pays for medical care for retired persons age 65 and older who receive Social Security benefits |
| Worker's compensation | an insurance plan that pays medical and disability benefits to employees injured on the job |
| Form W-2 | a form used to report taxable income that a worker received during the calendar year |
| Form 1040-EZ | the short tax returnform designed for single andjoint filers with no dependentsor itemized deductions |
