W-2 form, Wage and Tax Statement
Federal Reserve Bank of St. Louis
Definition: A summary of a person’s earnings and tax withholdings for an entire year. Employers must provide a W-2 to employees by the end of January for the previous year’s employment to report annual income and withholding on the employees’ tax returns.
W-4 form, Wage and Tax Statement
Internal Revenue Service (IRS)
Definition: Form W-4 (filled out by employee) tells the employer the employee’s filing status, multiple jobs adjustments, amount of credits, amount of other income, amount of deductions, and any additional amount to withhold from each paycheck to use to compute the amount of federal income tax to deduct and withhold from the employee’s pay.
Bureau of Labor Statistics (BLS)
Definition: Workers who receive wages, salaries, commissions, tips, payment in kind, or piece rates. The group includes employees in both the private and public sectors.
Economics: Principles & Practices
Definition: Prevailing pay scale for work performed in a given area or region
Federal Reserve Bank of St. Louis
Definition: A court order imposed on an employer to withhold a portion of an employee’s wages to be sent to a person or business to whom the employee owes money.
Economics: Principles & Practices
Definition: Policies and regulations making it illegal for firms to give raises or increase prices
Economics: Principles & Practices
Definition: Inflationary condition where wages drive up prices and then prices drive up wages, then repeat cycle with wages driving pieces even higher
Internal Revenue Service (IRS)
Definition: Compensation received by employees for services performed. Usually, wages are computed by multiplying an hourly pay rate by the number of hours worked.
Bureau of Labor Statistics (BLS)
Definition: Hourly straight-time wage rate or, for workers not paid on an hourly basis, straight-time earnings divided by the corresponding hours. Straight-time wage and salary rates are total earnings before payroll deductions, excluding premium pay for overtime and for work on weekends and holidays, shift differentials, and nonproduction bonuses such as lump-sum payments provided in lieu of wage increases.
Related Term(s): Earnings
Economics: Principles & Practices
Definition: Way of expressing or communicating a need; a broader classification than needs
Federal Reserve Bank of St. Louis
Definition: Desires that can be satisfied by consuming goods and services.
Warrant
Federal Reserve Bank of St. Louis
Definition: A security that entitles the holder to buy stock of the issuing company at a specified price on or after a specified date.
Economics: Principles & Practices
Definition: Sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services
Federal Reserve Bank of St. Louis
Definition: The value of a person’s assets accumulated over time.
Economics: Principles & Practices
Definition: Wealth’s impact on consumption; a decrease in wealth can deter consumption, and increase would generate additional consumption
Federal Reserve Bank of St. Louis
Definition: The effect on consumer spending caused by a change in the aggregate price level on the purchasing power of the consumers’ assets.
Economics: Principles & Practices
Definition: Any inheritance tax designed to reduce the disparity between wealthy and less wealthy individuals
Bureau of Labor Statistics (BLS)
Definition: Usually, the expected or actual period of employment for the week, usually expressed in number of hours. Some uses of the term may relate to the outside dimensions of a week (e.g., 7 consecutive days).
Economics: Principles & Practices
Definition: Government or private agency programs that provide general economic and social assistance to needy individuals
Economics: Principles & Practices
Definition: Former name of the Producer Price Index (PPI)
Bureau of Labor Statistics (BLS)
Definition: The Wholesale Price Index (WPI) was the original name of the Producer Price Index (PPI) program from its inception in 1902 until 1978, when it was renamed (PPI). At the same time, emphasis was shifted from one index encompassing the whole economy, to three main indexes covering the stages of production in the economy. By changing emphasis, BLS eliminated the double counting phenomenon inherent in aggregate commodity-based indexes.
Federal Reserve Bank of St. Louis
Definition: The maximum amount that a buyer will pay for a good or service.
Federal Reserve Bank of Cleveland
Definition: Electronic transfer of funds; usually involves large dollar payments.
Federal Reserve Bank of Minneapolis
Definition: Electronic transfer of funds; usually involves large dollar payments.
Federal Reserve Bank of San Francisco
Definition: Electronic transfer of funds; usually involves large dollar payments.
Internal Revenue Service (IRS)
Definition: Money, for example, that employers withhold from employees’ paychecks. This money is deposited for the government. (It will be credited against the employees’ tax liability when they file their returns.) Employers withhold money for federal income taxes, Social Security taxes and state and local income taxes in some states and localities.
Federal Reserve Bank of St. Louis
Definition: The amount of money that an employer withholds from an employee’s paycheck. This money is deposited for the government on behalf of the individual taxpayer. (It will be credited against the employee’s tax liability when he or she files a tax return.) Employers withhold money for federal income taxes, Social Security taxes, and state and local income taxes in some states and localities.
Economics: Principles & Practices
Definition: Personal set of values that hard work is intrinsically valuable and worthy of reward
Definition: A person with work experience is one who, during the preceding calendar year, did any work for pay or profit or worked without pay on a family-operated farm or business at any time during the year, on a part-time or full-time basis. A full-time worker is one who worked 35 hours or more per week during a majority of the weeks worked during the preceding calendar year. A year-round worker is one who worked for 50 weeks or more during the preceding calendar year. A full-time, year-round worker is a person who worked full time (35 or more hours per week) and 50 or more weeks during the previous calendar year.
Bureau of Labor Statistics (BLS)
Definition: The National Compensation Survey produces levels of work within an occupation. The duties and responsibilities of a job are evaluated using 9 factors (such as knowledge, supervision received, and complexity of the work) in determining a work level. Levels vary by occupation, ranging from 1-15. For example, a level 1 may represent an entry level, while a level 15 demonstrates mastery.
Economics: Principles & Practices
Definition: Program requiring welfare recipients to provide labor in exchange for benefits
Bureau of Labor Statistics (BLS)
Definition: Estimates of the number of years individuals would spend in the labor force based on mortality conditions, labor force entry and exit rates, and demographic characteristics. Worklife estimates from the Bureau of Labor Statistics were last updated in February 1986.
Federal Reserve Bank of St. Louis
Definition: A workout is a process where the terms of a loan are modified or the lender agrees to some forbearance in order to avoid default, foreclosure or bankruptcy.
Federal Reserve Bank of Cleveland
Definition: Created at the Bretton Woods Conference in 1944 with a mission to finance economic development, The World Bank Group comprises five agencies that make loans or guarantee credit to its 177 member countries. In addition to financing projects such as roads, power plants and schools, the Bank also makes loans to restructure a country’s economic system by funding structural adjustment programs (SAPs).
Economics: Principles & Practices
Definition: International agency that makes loans to developing countries; formally known as the International Bank for Reconstruction and Development
World Economic Forum
Economics: Principles & Practices
Definition: Research/conference group consisting of the most advanced economic nations that holds annual meetings in Davos, Switzerland, to discuss plans to help developing countries
Definition: International agency that administers trade agreements, settles trade disputes between governments, organizes trade negotiations, and provides technical assistance and training for developing countries
Federal Reserve Bank of Cleveland
Definition: A financing device that permits an existing loan to be refinanced and new money to be advanced at an interest rate between the rate charged on the old loan and the current market interest rate. The creditor combines or “wraps” the remainder of the old loan with the new loan at the intermediate rate.
Federal Reserve Bank of Minneapolis
Definition: A financing device that permits an existing loan to be refinanced and new money to be advanced at an interest rate between the rate charged on the old loan and the current market interest rate. The creditor combines or “wraps” the remainder of the old loan with the new loan at the intermediate rate.
Federal Reserve Bank of San Francisco
Definition: A financing device that permits an existing loan to be refinanced and new money to be advanced at an interest rate between the rate charged on the old loan and the current market interest rate. The creditor combines or ‘wraps’ the remainder of the old loan with the new loan at the intermediate rate.