Unit 9 Taxes and Income economics

Front

The amount of money property and other transfers of value received over a set period of time in exchange for service or products

Back

income

Front

A compensation method where an employer pays an employee by the hour based on the time they work

Back

Hourly wages

Front

A form of periodic payment from an employee which may be specific in an employment contract

Back

salary

Front

payments determined by a customer that employees receive from customers

Back

tips

Front

A self employed person or entity contracted to perform work for a provide services to another entity as a nonemployee

Back

independent contract services

Front

A reward paid to the shareholders for the investment in a company's equity

Back

dividends

Front

The increase in the value of a capital asset when it is sold

Back

capital gains

Front

An individual's total earnings before taxes or other deductions

Back

gross pay

Front

the amount an employee paychecks after deductions are taken out of their gross pay

Back

net pay

Front

An expense that can be subtracted from a taxpayer's gross income in order to reduce the amount of income that is subject to taxation

Back

deductions