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3.07

Getting Paid

TermDefinition
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