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Employment

Budget Challenge Employment

TermDefinition
Wage Hourly pay
Overtime Pay received for working more than 40 hours a week.
Time and a half pay for overtime
Minimum Wage The lowest amount of pay a worker can receive
NYS Minimum Wage $16.00
Salary Set amount of pay for a certain period of time.
Commission Earnings based on how much you sell. Usually a percentage.
Incentive plans A plan that rewards workers for achievement.
Profit-sharing Plan Workers receive a share of the company's profits.
Bonus Workers are rewarded for high levels of performance.
Pension Plan A savings for retirement.
Gross Pay The total amount of your paycheck before deductions.
Deductions Money withheld from your paycheck.
Net pay The money you are left with after all deductions are subtracted
Pay Stub shows information about your check including gross pay, deductions, and net pay.
Standard workweek 40 hours
W-4 Form filled out before you start working to tell the employer how much taxes to take out.
Compensation the total amount of income and benefits you receive from your job.
FICA another name for social security
Health Insurance Most expensive benefit
You and the employee pay into this deduction FICA
Direct deposit electronic transfer of payment from the employer's bank to the employee's bank account
Voluntary payroll deductions deductions the employee chooses
involuntary payroll deductions required deductions
benefits non-cash compensation
PTO Paid Time Off
Created by: Nancyp28
Popular Business sets

 

 



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