Income & Taxes Chapter 2

Earned Income & Benefits What are the differences in the types of earned income, such as wages, salaries, tips, and commissions? What are the differences in the types of earned income, such as wages, salaries, tips, and commissions? What are the advantages and disadvantages of self-employment? What are the advantages and disadvantages of self-employment? Besides income, what are different types of employee benefits? Besides income, what are different types of employee benefits?

Vocabulary Tax Tax Minimum Wage Minimum Wage Overtime Pay Overtime Pay Tip Tip Commission Commission Entrepreneur Entrepreneur Profit Profit Benefits Benefits Cafeteria Plan Cafeteria Plan Disposable Income Disposable Income Paid Holidays Paid Holidays Sick Leave Sick Leave Personal Leave Personal Leave

Unearned Income What are some private sources of unearned income? What are some private sources of unearned income? What are several types of government transfer payments? What are several types of government transfer payments? What are the costs and benefits of paying taxes? What are the costs and benefits of paying taxes?

Vocabulary Unearned Income Unearned Income Dividend Dividend Transfer Payment Transfer Payment Excise Tax Excise Tax Internal Revenue Service (IRS) Internal Revenue Service (IRS)

Taxes & Deductions How do taxes affect disposable income? How do taxes affect disposable income? What payroll deductions are required for taxes? What payroll deductions are required for taxes? How do you compute net pay? How do you compute net pay? What information goes on various federal income tax forms? What information goes on various federal income tax forms?

Vocabulary Form W-4 Form W-4 Form I-9 Form I-9 Form W-2 Form W-2 Form 1040EZ Form 1040EZ Form 1099-INT Form 1099-INT Social Security Tax Social Security Tax Medicare Tax Medicare Tax Workers’ Compensation Workers’ Compensation