Minimum Wage - The minimum hourly rate an employee can be payed by federal law, Salaries - Fixed rate of pay for a year; considered a professional, Income - Earned and unearned money, Taxes - A mandatory financial charge imposed upon a citizen by a governmental organization in order to fund various public expenditures., Medicare Tax - Pays for medical care for retired individuals, W-2 Tax Form - Provided by an employer in January; reports the taxable income a worker received during the year, Social Security - A federal program funded by taxpayers dollars that provide benefits to people who are retired, unemployed, or disabled:, Federal Income Tax - A payroll deduction collected by employers by law and sent to the federal government to support governmental programs like national defense, welfare, health and education., State Income Tax - Used to support state services like highways, schools and colleges, W-4 Form - A federal tax form filled out by an employee to indicate the amount that should be withheld from his/her paycheck for taxes., Medicare - Federal health insurance program for people who are 65 or older and certain younger people with disabilities., Net Income - Refers to an individual's income after taking taxes and other payroll deductions are taken out, Gross Income - The total amount of income from wages before any payroll deductions,

Income & Taxes

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