Definitions
By s8222393
Wage-When a person is paid by the hour,day,week,etc.
Salary-When a person is paid
1040-The general form you file every year for income tax
Income Tax-The main source of income for the federal government.
Deduction-When the IRS lessen your taxable income
Dependant- A person that depends on another person for money.
Exemption-A deduction that lets you pay less on your tax income
Payroll Tax-When you have to pay some money for working and earning paycheck or tips
Social Security: The comprehensive federal program of benefits providing workers and their dependents with retirement income, disability income, and other payments. Medicare: The federal insurance program that funds medical care for people age 65 and older and certain disabled people.
Gross Income:Your income before all of it is taken away for taxes and stuff.
Net Pay:Is your actual income.(after some of it is taken away for taxes,etc.)
This entry was posted on March 10, 2008 at 4:21 pm and is filed under Family Project. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
