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3.07
Getting Paid
| Term | Definition |
|---|---|
| commission | fixed % of a sale that is credited to the salesperson |
| dependent | one who relies on tax $ for financial support |
| direct deposit | wages automatically go into a bank account |
| employee benefits | products/services offered by employer extracurricular to wages |
| employer contributions | amount contributed to benefits by employer |
| employment | agreement between employer and employee |
| Form W-4 Employee's Withholding Allowance Certificate) | form determining % of wages withheld for fed. taxes |
| gross income | $ before payroll taxes |
| income tax | fed., state, local taxes on amount of $ earned |
| medicare | fed. program; help pay for health care for people >65 |
| net income | $ post-deductions |
| paper paycheck | check written to worker in amount of $ earned |
| payroll card | reloadable debit card; wages are loaded onto |
| pay period | regular schedule when employers pay employees |
| pay stub | outlines wage deductions |
| salary | fixed amount of $ paid to employee for work |
| social security | fed. program; funds retirement account; supports disabled, children with parents' premature death, & premature death of a spouse |
| tax liability | total tax bill |
| unemployment insurance | income for workers who lost there job with no fault of their own |
| worker's compensation | state system; pays monetary benefits to people injured on the job |
| payroll tax | taxes withheld/paid on one's behalf by the employer |
Created by:
Tate.cord70
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