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Stack #1735615
Term | Definition |
---|---|
Commision | A fee that salesperson receives upon completion |
Dependent | A person who relies on the taxpayer for financial support |
Direct deposite | 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 | The amount the employer has contributed to various employer and employer benefits |
Employement | Agreement between an employer and employee |
Form W-4 (Employee's Withholding Allowance Certificate) | The form that determines the prcentage of an eemployee' pay that will be withheld for federal taxes |
Gross income | Amount of money earned before payroll taxes |
Income tax | Taxes paid to federal, state and local governments on the amount of money earned |
Medicare | A federal program whose main pupose 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 reloadable dbit card onto which a worker's pay is loaded |
Payroll tax | Taxes withheld or paid on your behalf by your employer |
Pay period | The regular schdule by which employers pay employees |
Pay stub | Outlines the deductions made to wages |
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 accounts, financially supports citizens who have experinced profound disability, the premature death of a parent(if under age of 18), or thr premature death of a spouse in a family with children |
Tax liability | Total tax bill |
Uemployment insurance | A source of income for workers who have lost their jobs through 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 |