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3.07 Vocabulary
| Term | Definition |
|---|---|
| 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 |
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