Term | Definition |
Gross Income | Amount of money you have before all deductions |
Net Income | Take home pay after all deductions |
Ocupation | A category of jobs with similar characteristics |
Standard of living | The bare necessities to survive |
Bartering | Trading an item you don’t need to use anymore and trade that item or items for an item you will use |
Taxes | Required charges of citizens by local, state, and federal governments |
I-9 | A form to prove your an American citizen |
W-2 | States the amount of money earned and taxes paid throughout the previous year |
W-4 | Employee’s Withholding Allowance Certificate |
Paycheck | Paper check with stub |
Direct deposit | Employers directly deposit employee’s paycheck into the authorized employee’s bank account |
Payroll card | Employers directly deposit employee’s paycheck into the authorized employee’s bank account |
Pay period | The length of time for which an employee’s wages are calculated
Most businesses pay employees either weekly, bi-weekly, or monthly |
Personal info | The employee’s full name, address, and social security number or employee identification number |
Payroll withholding | The amount of money subtracted from the gross income for taxes. Typically about 30% of your paycheck |
Withhold tax | The amount required by law for employers to withhold from earned wages to pay taxes |
Year to date | Totals all of the deductions which have been withheld from an individual’s paycheck from January 1 to the last day of the pay period indicated on the paycheck stub |
Social Security | Helps provide retirement income for the elderly and pays disability benefits |
Medicare | health care for the elderly |
FICA | Federal Insurance Contribution Act |