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3.07
| 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 | 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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