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Obj 3.06 _PF 2014
Getting Paid
| Question | Answer |
|---|---|
| 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 goods 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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