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PF 3.07

QuestionAnswer
Commission A fee that a salesperson receives upon completion of a sale
Dependent A person who relies on the taxpayer for financial support. People who lives with you and you take care of them.
Direct Deposit Wire your money into your bank 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 .They Pay part of your life insurance .
Employment Agreement between an employer and employee. Your job
Form W-4 (Employee's Withholding Allowance Certificate) The form that determines that percentage of an employee´s pay that will be withheld for federal taxes. You tell your company how much you are withholding
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 ti help pay for those over 65. Care for the elderly.
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 re-loadable 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. Being paid once every month, a week, or more than 1 week.
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. Amount money that you´re are paid.
Social Security Pay for when you're old. Getting money when you're retired or get old.
Tax Liability Total tax bill. (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.
Created by: abigail.xiong59