Personal Finance Chapter 2
net pay
the amount received after all deductions have been subtracted from a paycheck; also called take-home pay
articles of incorporation
the primary rules governing the management of a corporation
franchisor
the recognized company under which a franchise operates
entrepreneurship
the skills related to organizing, managing, and taking on the risks of owning a business
gross pay
the total amount of wages or salary earned before any deductions are subtracted
telecommuting
working outside the office, usually from home, using a computer
Form w-4
a IRS form indicating how much should be withheld from an employee's earnings to pay federal income taxes
franchise
a legal contract allowing an individual or group to operate a business in the name of a recognized company
mentor
a more experienced person who offers advice and support to guide someones career decisions
limited liability company (LLC)
a relatively new type of corporate arrangement whose owners have limited personal liability for the debts and actions of the company, and with other features more like a partnership
exempt status
a release from paying taxes because of insufficient income
job sharing
a situation in which two or more employees share the same job
community college
a two year college that offers an associates degree; also called a junior college or a city college
tax allowances
amounts calculated on the Form w-4 that reduce the federal tax withheld from a person's paycheck
deductions
amounts subtracted from gross pay, such as social security tax, federal and state income tax withholding, health insurance, retirement, and so forth; also refers to expenses that are subtracted from income on a tax return
apprenticeship program
an education that combines on-the-job training with formal classroom instruction
trade school
an institution of higher learning that teaches the skilled trades
exemptions
another word for tax allowances
in-service training
employee classes for developing skills, providing information, and improving working relationships among employees; also called professional development seminars
overtime
hours worked in addition to the legal limit of forty hours per week
learning networks
online discussions in which participants share skills and knowledge
WiFi
short for wireless fidelity, a high-speed internet connection
company policy handbook
a booklet outlining a company's rules, policies, and procedures
flextime
a work schedule with flexible hours
franchisee
the person who operates a franchise
