Individual Finance– Glossary. Assets– An asset is something that is owned by someone.

Individual Finance– Glossary. Assets– An asset is something that is owned by someone.

Services– Actions performed to satisfy financial desires

Short-term goals– Something a individual or company intends to attain inside an one-year time frame

Standards– Established measure of quality or volume

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Time-value-of-money– Money received today will probably be worth a lot more than the amount that is same later as a result of its earning potential

Unintended consequences– unforeseen results of the action or decision

Values– Strongly held values or axioms as to what is wrong or right, or what exactly is valued

Wants– The products individuals desire to have, but that aren’t required for success

401k– an plan that is employer-based employees put aside money for your retirement that is sometimes matched by companies

403b–A retirement account fully for workers of schools, tax-exempt organizations, and federal federal government devices

Bartering– The shared change of products and solutions

Advantages– Something worth a value that a manager provides to employees as well as wage. This could consist of things such as for instance medical health insurance, holiday time, and unwell pay

Bonus– Money (or something different of value) provided to a worker along with pay that is regular frequently an incentive for task performance

Business profit– Gross business income minus working costs

Capital gains–Profits from purchase of assets, such as for instance shares, bonds or estate that is real aren’t taxed before the asset is offered

Capital loss– A loss suffered whenever assets such as for example shares or bonds are offered for under the purchase price of which they certainly were bought

Commission– A percentage of product sales received because income

Compensation– Wages plus fringe benefits

Deductions– Amounts subtracted from gross pay

Demotion– Being moved up to work with less obligation and perhaps less spend

Dividends– A distribution of cash or stock that a organization will pay to stockholders

Entrepreneur– a person who begins his / her very very very own company

Fair work guidelines Act– A federal legislation that guarantees a worker’s directly to be paid fairly. Regulations additionally establishes the work that is 40-hour, federal minimum wage, sets tips for overtime pay, and limits son or daughter work

Fee– a amount that is pre-determined of for a site done

FICA– Federal Insurance Contributions Act, the legislation that funds Social Security

Flextime– a method that enables employees to create their hours that are own

Gross pay– earnings before payroll fees are taken off the paycheck

Hourly wage– The price of purchase each hour worked within a workweek that is regular

Interest– Money paid for enabling another person to utilize your cash

Opportunities– Outlay of money when you look at the hope of realizing an income

IRA– Individual pension Account- a your retirement plan that enables workers to put aside money each in tax-deferred savings year

Keogh– a retirement that is tax-deferred for self-employed people

Medicaid– a federal federal government system that will pay the medical care prices for people who have no earnings or even an income that is low

Medicare– A federal health-care system that will pay for particular medical and medical center charges for individuals aged 65 and older (and for many people that are underneath the chronilogical age of 65 and disabled)

Minimal wage– The lowest hourly wage permitted by state or law that is federal

Shared funds– An open-ended investment operated by a good investment business that pools the amount of money of numerous investors to get a big choice of securities that meet with the fund’s stated investment objectives

Net pay– get hold of pay after payroll fees and voluntary deductions are eliminated

Non-taxable fringe benefit– These benefits aren’t contained in revenues. These include wellness & dental insurance or use of an organization fitness center

OSHA– Occupational protection and Health Administration — this is actually the main agency that is federal with all the enforcement of security and wellness legislation

Overtime– The price compensated during the workweek after a worker spent some time working 40 hours. This price is normally 1-1/2 times the wage that is hourly

Payroll taxes– Money automatically subtracted from an employee’s gross pay money for fees

Pension– Income received from a your retirement investment whenever worker renders the workforce and it has reached retirement

Perk– Compensation that’s not wages. Perks result in the work more enjoyable, convenient or assist the worker perform face to face

Part price– the sort of pay employees get if they make money for every product produced

Promotion– Advancing in the office often by firmly taking in responsibilities that are additional can be followed by a raise in pay

Genuine income– The income of a person, company, or nation after bearing in mind the results of inflation on buying energy

Rent earnings– Income received for making use of real home

Royalties– Income received whenever others make use of your initial work

Salary– Money paid for a worker to perform a collection of duties, frequently compensated bi-weekly or month-to-month

Sick leave– Leave from work issued for infection or even to look after a ill member of the family, usually with pay

Taxable fringe advantage– the worthiness of those advantages needs to be a part of your taxable income. Individual utilization of an ongoing business automobile is a good example

Suggestion– A small present of cash, frequently in substitution for a site; also referred to as a gratuity

Transfer re payment– earnings compensated by government to folks who are no longer working

W-2– Wage and Tax Statement, employed by the irs as information come back to report wages compensated to workers as well as the taxes withheld from them

W-4– Internal Revenue Service type utilized by companies to look for the amount that is correct of withholding to subtract from workers’ wages

Withholding– Money removed from an employee’s paycheck and provided for the national federal federal government and credited to your employee’s tax bill

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