Chapter 6 Flashcards
(27 cards)
Every two weeks
Biweekly
An employee benefit that allows employees paid time off to care for sick children or newborns
Childcare leave
A method of payment where an employee receives a percentage of the amount of sales produced by that employee.
Commission
Payroll or other types of checks that are directly and electronically deposited into a bank account
Direct Deposit
Value added options that an employer may choose to offer employees; insurance, paid vacation time, paid holiday, retirement plans, stock ownership plans, and child care leave.
Employee Benefits
A business that has lists of job openings and charges a fee to find jobs for people
Employment Agency
Social Security and Medicare taxes both fall in this category: the money that an employee and employer contribute to Social Security and Medicare is used to pay current benefits to others.
Fica
A form that is filled out by a new employee that gives directions to the government on how much money in taxes to deduct from an employee’s pay
Form W-4
The total pay, which is the sum of an employees hourly pay and overtime pay.
Gross Pay
A set amount that an employee is paid for each hour of work
Hourly Rate
The maximum income on which a person must pay Social Security Tax in any given year.
Maximum Taxable Income
The amount an employee pays is a set percentage of the entire income with no maximum amounts; the amount is split between the employee and employer.
Medicare Tax
The hourly rate that federal law allows as the least hourly rate to be paid to an employee in the United States.
Minimum Wage
The hourly wage an employee receives for any overtime hours.
Overtime Hourly Rate
The extra hours an employee works beyond their regular hours
Overtime Hours
Paid time off for holidays that an employee may offer to employees as an employee benefit
Paid Holiday Time
Paid time off that an employer may offer to employees as an employee benefit
Paid Vacation Time
A type of retirement plan where an employee receives compensation from an employer after retirement.
Pension
The set number of hours that an employee is expected to work.
Regular Hours
A mean that employers may offer to save for retirement; may include 401(K)
Retirement Plans
Money that employers or others receive based on sales, for example an author or musician.
Royalty
A unique nine digit number that identifies a resident of the United States
Social Security Number
An insurance program available through the United States government that provides income to people who retire, become disabled, or who receive Survivor’s benefits.
Social Security
The amount of Social Security a worker pays depending on the Social Security percentage and the maximum taxable income for that year; the amount is split between the employee and the employer
Social Security Tax
