Term | Definition |
human capital | sills, knowledge and experiences possessed by an individual |
career | a life journey of building and applying skills, knowledge and experiences in paid employment positions |
job | an activity through which an individual can earn money |
transferable skills | versatile skills that are applied to personal and professional roles |
occupation | grouping of jobs that perform similar tasks |
industry | group of establishments that produce similar products or provide similar services |
net income | amount of money left once all deductions have been taken from gross income |
dependent | a person who relies on the taxpayer for financial support |
employee benefits | products or services provided by an employer that add extra value for the employee beyond wages paid |
pay stub | outlines gross pay, deductions made to wages, and net pay |
tax liability | total tax bill |
Form W-4 | Tells employer how many allowances employee claims so they know how much tax to withhold from an employee's wages; completed by empolyee when they start a new job |
Form W-2 | Provided to employee by January 31st; Shows amount of money earned and paid in taxes through the previous year |
Form 1099 | Shows how much unearned income a taxpayer received the previous year |
1040EZ | The easiest tax form to complete (federal taxes) |
allowance | A number used on a W-4 to tell employer how much taxes to withhold from an employee's pay |
payroll card | Electronically carries the balance of the employee's net income |
pay period | The length of time for which an employee's wages are calculated (usually week, two weeks, or month) |
direct deposit | Employer sends employees paycheck amount directly his/her bank account and sends the employee a pay stub |
April 15 | The day taxes must be filed |