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4.01Personal Finance
Work Compensation and Forms
| Term | Definition |
|---|---|
| Wage | The amount of money paid for a specified quantity of labor. |
| Salary | A set of money paid for a set period of time worked. |
| Commisson | Income paid as a percentage of sales made by a salesman. |
| Tip | Money paid by customers to those who provide services. |
| Bonus | Money paid in addition to base pay, either as a reward for performance or as a share of profit. |
| Paycheck | A form of payment to an employee. |
| Direct Deposit | An employer deposits the employee's paycheck directly into the authorized employee's depository institution account. |
| Payroll Card | A prepaid card that is offered too employees as an alternative to paper paychecks or directly depositing wages into an employee's depository institution. |
| Paycheck Stub | This part lists the paycheck deductions as well as the other important information. |
| Pay Period | The length of time for which an employee's wages are calculated. |
| Gross Pay | The total amount of money earned during the pay period before deductions. |
| Net Pay | The amount of money left after all the deductions have been taken from the gross pay earned in the pay period. |
| Deduction | Money subtracted from gross pay for required taxes , employee insurance, and retirement benefits. |
| Federal Withholding Tax | The amount required by law for employers to withhold from earned wages to pay federal income taxes. |
| State Withholding Tax | The percentage deducted from an individual's paycheck to assist in funding government agencies within the state. |
Created by:
Le'Quisha
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