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3.07

TermDefinition
commission a fee that a salesperson receives upon completion of a sale
dependent a person who relies on the taxpayer for financial support
direct deposit wages are deposited directly into a depository institution account
employee benefits employers may offer employee benefits in the form of products or services that add extra value for employees beyond earned wages
employer contributions agreement between an employer and employee
form W-4 the form that determine the % of an employee's pay that will be withheld for federal taxes
gross income amount of money earned before payrolls taxes
income tax tax paid to federal, state and local governments on the amount of money earned
medicare a federal program whose main purpose is to help pay for health care for those over 65
net income amount of money left once all deductions have been taken from gross income
paper paycheck a check written to a worker in the amount of money earned
payroll card a relocatable debt card onto which a workers pay is load
payroll tax taxes withheld or paid on your behalf by your employees
pay period the regular schedule by which employers pay employee
salary fixed amount of money or compensation paid to an employee by an employer in return for work performed
social security a federal government program that funds retirement account,financially supports citizen who have experienced profound disability, the premature death of parent (under 18), or the premature death of a spouse in family with childen
tax liability total tax bill
unemployment insurance a source of income for workers who have lost their jobs thought no fault of their own
workers' compensation a state-sponsored system that pays monetary benefits to workers who become injured or disabled on the job
Created by: tim.xiong35
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