2022 Earning and Taxes

A ____ is a set amount of money earned by an employee per year or other fixed length of time. 

• wages

• piecework

• commission

• salary

___ are employee earnings that are paid by the hour, day, or item.

• salary

• tips

• commission

• wages

____ is the lowest hourly rate an employer may legally pay most workers.

• overtime

• salary

• vested

• minimum wage

____ is compensation for work beyond 40 hours must be at least 1.5 times the employee’s regular rate of pay.

• gross pay

• deduction

• direct deposit

• overtime

____ is when pay is electronically transferred directly into the recipient's bank account.

• net pay

• gross pay

• allowances

• direct deposit

____ is the total amount of money earned for working during the pay period.

• gross pay

• net pay

• deductions

• allowances

On a pay stub, a ___ is anything that is subtracted from gross pay.

• allowances

• net pay

• deduction

• dependent

___ is the amount of pay an employee is left with after taxes and other deductions are subtracted from gross pay.

• gross pay

• allowances

• dependents

• net pay

A ____ is someone who is supported by a taxpayer’s income.

• dependent

• independent

• allowance

• salary

____ is a set amount that the IRS allows without listing any actual expenses.

• standard deduction

• itemized deduction

• tax credit

• tax deduction