Financial Glossary - W

Wages - Payment by an employer to a worker for services performed on an hourly, daily, or weekly basis or according to a specified piecework rate. Like a salary, wages are subject to state and federal income tax and Social Security tax withholding.

Whole Life Insurance - Type of life insurance policy that combines protection for the life of an insured person and a savings component known as the cash value.

Will - A legal document that states what people want done with their property after they die (e.g., charitable donations) and who they want to manage their financial affairs, settle their estate, and serve as guardian for minor children.

Withdrawal - The process of taking money out of a financial account, thus lowering the balance.

Withholding - Deduction of federal and state income taxes, Social Security taxes, and other items, such as union dues and health insurance premiums, from a worker's paycheck.

Updated:E.J.B.