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3.07 Vocabulary

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 The amount the employer has contributed to various employee benefits
Employment Agreement between an employer and employee
Form W-4 (Employee's Withholding Allowance Certificate) The form that determines the percentage of an employee's 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 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 reloadable debit 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 schedule 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 experienced profound disability, the premature death of a parent (if under the age of 18), or the premature death of a spouse in a family with children
Tax liability Total tax bill
Unemployment 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
Created by: brooke.burgess
 

 



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