personal finance

benefits

Forms of pay other than salary or wages

commission

A set fee or percentage of a sale paid to an employee instead of or in addition to salary or wages

disposable income

Money available to spend or save after taxes have been paid

dividends

A portion of a corporation's profits distributed to stockholders

entrepreneur

A person who takes the risks of being self-employed and owning a business

excise taxes

Taxes charged on the purchase of specific goods and services

exemption

A person claimed as a dependent on a tax return

Form W-2

A form used to report taxable income a worker received during the calendar year

gross pay

Total salary or wages earned during the pay period

in-cash payments

Money in the form of check, debit card, or other direct payment given to a person needing assistance

in-kind payments

Payments made indirectly on a person's behalf or in a form other than money

Medicare tax

A tax that pays for medical care for retired persons

minimum wage

Lowest pay rate allowed by law for each hour of work

net pay

The amount of your paycheck after deductions

overtime pay

Pay received for hours worked in addition to regular hours

personal leave

Paid time away from work for personal reasons

profit-sharing plan

A benefit whereby employees may share in the profits of the business

public goods

Government-provided goods and services paid for by taxes

retirement plan

An account into which employees contribute a portion of their earnings for their retirement

sales tax

Taxes levied on consumer purchases of goods and services

sick leave

Paid time away from work due to illness

social security tax

A withholding tax to provide old-age, survivors, and disability insurance

transfer payments

Money and benefits received from local, state, or federal governments

unearned income

Money received from sources other than working

use taxes

Taxes based on the use of goods and services provided by the government