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Pay, Benefits, & Tax

Terms to know

TermDefinition
Compressed workweek A work schedule where a normal 40-hour workweek is completed in less than 5 days.
Deductions Amounts subtracted from gross pay.
Flextime A work schedule that allows employees to choose their working hours within defined limits.
Gross Pay Total pay before deductions are subtracted.
Job rotation A job design in which employees are trained to do more than on specialized task and moves from one task to another.
Job Sharing A job design in which two people share one full-time position.
Net pay Pay remaining after deductions are subtracted. Also known as take home pay
Overtime Time worked beyond the regular 40-hour workweek.
Professional Organizations Organization of people in a particular occupation that requires considerable training and specialized skills.
Seniority A workplace policy in which the last workers hired will be the first fired when jobs must be cut.
Audit An examination of a tax return by IRS.
Exemption An amount taxpayers may subtract from their income for each person who depends on their income to live.
Progressive taxes Taxes that take a larger share of income as the amount of income grows.
Proportional taxes Taxes for which the rate stays the same regardless of income; also called flat taxes.
Regressive taxes Taxes that take a smaller share of income as the amount of income grows.
Revenue Money collected by the government through taxes.
Standard deduction Stated amount taxpayers may subtract from adjusted gross income instead of itemizing their deductions.
Tax brackets Income ranges to which different tax rates apply.
Tax evasion Willful failure to pay taxes.
Taxable income Income on which you will pay tax.
Created by: CoachC
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