Getting Paid Vocabe. Unite 1 Flashcards
(21 cards)
Dependent
A person who relies on the taxpayer for financial support
Commission
A fee that a salesperson receives upon completion of a sale
Direct deposit
Wages are deposited directly into a depository institution account. (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
The amount the employer has has contributed to varies employee benefits.
Employment
An agreement between employer and employee
Form W-4. (Employes withholdings allowance certificate)
The form that determines the percentage of an employee’s pay that will be withheld for federal taxes.
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 to help pay for health care for those over 65.
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 reloadable debit card onto which a workers 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.
Pay stub
Outlines the deductions made to wages.
Salary
A fix amount of money or compensation paid to an employee by an employer in return for work preformed.
Social security
A federal government program that funds retirement accounts, financially supports citizens who have experienced profound disability, the premature death of a parent (if under 18), or premature death of a spouse in a family with children.
Tax liability
Total tax bill
Unemployment insurance
A source of income for workers who have lost their job through no fault of their own.
Workers compensation
A state-sponsored system that pays momentary benefits to workers who become injured or disabled on the job.
