What is payment for work that is usually calculated on an hourly, daily, or piecework basis?

What is the lowest hourly wage employers can pay most workers by law?

___________is the amount paid for working time in a week that is beyond the standard 40-hour workweek.

Eligible workers who work more than 40 hours per week must receive overtime pay at least 1.5 times their regular hourly rate for the hours in excess of 40.

_______ is a fixed payment for work and is expressed as an annual figure

There are 52 pay periods in a weekly pay structure.

________ is income paid as a percentage of sales made by a salesperson

________ is money paid for service beyond what is required.

A bonus is usually based on worker performance, length of time with the company, or company performance.

___________ people work for themselves and earn income called profit or self-employment income.

___________ is total income before payroll deductions

A _________ is a subtraction from gross pay.

Social Security taxes, Medicare Taxes, and ________ are mandatory deductions

The federal income tax system is built on a pay-as-you-earn concept.

_________ is the Employee’s Withholding Allowance Certificate that helps an employer determine how much income tax to withhold from an employee’s paychecks as payroll deductions

When you begin a job, your employer will ask you to complete a Form W-4.

The amount of income tax withheld from your paycheck depends on multiple factors

–how much is earned

–number of allowances claimed & _________

An ___________ is an amount of earnings not subject to income taxes.

Taxpayers may take an allowance for themselves and no one else.

A ____________ is an individual who relies on someone else for financial support, such as a child, a spouse, or an elderly parent

The more allowances that are claimed, the smaller the amount of tax that is withheld.

___________, or take-home pay, is gross pay (plus bonuses) minus payroll deductions

_____________, or Social Security and Medicare taxes, are taxes paid by the employee and employer that are used to finance the federal Social Security and Medicare programs

Employers must match the amount of FICA tax that the employees pay; each pays ________.

An _________, or fringe benefit, is a form of noncash compensation received in addition to a wage or salary

Compensation is wages or salaries and benefits paid to employees.

___________is the amount of time an individual spends at work compared to the amount of time spent in a personal life

The Internal Revenue Service (IRS) is the government agency responsible for enforcing federal income tax laws

A __________ is a report containing information used to calculate taxes owed by the taxpayer.

Not filing a tax return is not a crime.

If income is not great enough to require a tax return but income taxes were withheld, a return must be filed to get a refund

Tax returns must be filed no later than _________ of the year after the income was earned

_________ is a Wage and Tax Statement that shows your earnings and the amounts of income, Social Security, and Medicare taxes withheld from your earned income during the year.

___________ is all the income an individual receives in a year, including both earned and unearned income

Unearned income is earnings from sources other than work.

_________ is the amount on which taxes are calculated

___________ is calculated by subtracting adjustments from total income.

A tax deduction is an amount that is subtracted from adjusted gross income

Mortgage interest is a type of itemized deduction.

The __________ is a fixed amount that may be deducted from adjusted gross income.

_________ must be used for all taxpayers with a taxable income

The primary purpose of taxes is paying for governmental operations, facilities, and services

___________ is the primary source of revenue for the federal government

In years when the government spends more than it collects, it must borrow money

•This is called ___________

Largest entitlement program is Medicare followed by Social Security

_________is a federal program that provides income when earnings are reduced or stopped because of retirement, serious illness or injury, or death

________is a federal program that pays for certain health-care expenses for older citizens and others with disabilities.

___________ is a government program that pays certain health-care costs for eligible, low-income individuals and families.

The US treasury divides all spending into 3 categories: interest on national debt, discretionary spending, & _________.

A _________ is a payment made to an individual from the federal government through various social benefit programs.

A discretionary expenditure is an expense item that can be adjusted according to needs and revenues.

Two main categories of discretionary spending is Nondefense spending and _________.

A indirect tax is paid directly to the government by the taxpayer (personal income tax).

A ______ is levied on one person or entity, but shifted to or paid by another (sales tax).

A _______ imposes a higher tax rate on those with higher incomes.

A __________ has the effect of imposing a higher tax on those with lower incomes.

Workers become eligible for full Social Security retirement benefits at 67.

Social Security benefits may NOT be received by a worker who becomes disabled before retirement age.

Social Security survivor's benefits may be paid to certain family members if the worker dies.