Lesson 4: Pay. It's More Than a Salary
Terms in this set (23)
Affordable Care Act
U.S. law increasing the affordability of health insurance and requiring everyone to have health insurance coverage; also called ObamaCare.
a fixed amount of money paid to an employee for work performed, not including benefits or bonuses.
everything a company provides to an employee in exchange for working, including base salary bonuses, and employee benefits.
Cost of Living Adjustment
"COLA"; a built-in adjustment to base salary that offsets the effects of inflation.
defined benefit plan
a retirement plan that is funded by the employer and promises a specified monthly amount of money at retirement; pension.
defined contribution plan
a retirement plan where the employee, employer, or both, contribute money each pay period to the employee's retirement account.
non cash or other compensation paid to an employee; there are a multitude of types of employee benefits.
employee stock ownership plans
"ESOP"; an employee benefit program which provides employees with ownership of the company's stock, making employees part-owners of the company.
a federal government-sponsored program guaranteeing certain benefits for people who meet eligibility criteria.
Family and Medical Leave Act of 1993
"FMLA"; a federal law entitling employees to take unpaid leave for medical reasons, the birth of a child, or to care for a sick family member.
Federal Insurance Contributions Act
"FICA"; federal law requiring employers to collect Social Security and Medicare taxes from an employee's paycheck.
Flexible Spending Account
"FSA"; a special account into which an employee puts pretax money that can be used to pay for certain healthcare costs.
a schedule that is an alternative to the traditional 9 to 5, 40-hour work week, allowing employees to vary their arrival and/or departure times.
a form filed with the Internal Revenue Service by the employer of an independent contractor reporting what they paid the independent contractor that year.
base salary plus any money received for commissions, overtime, and benefits before any deductions are taken.
a higher wage, bonus, overtime, or commission paid to promote the productivity of an employee.
person who is not a direct employee but completes work for a company pursuant to a contract; also called freelancer.
Individual Retirement Account
"IRA"; a savings retirement account that can be opened and managed by an individual; popular with self-employed individuals and small business owners.
the amount received in a paycheck after deductions are taken for benefits and taxes; take home pay
State Disability Insurance
"SDI"; a state established compensation plan supporting employees unable to work due to an illness or injury. Lesson 4 | Pay. It's More Than a Salary 60
a federal entitlement program of social insurance maintained by the U.S. government through employer and employee payments providing benefits for old age and disability.
a type of retirement plan where an employer makes contributions toward a pool of funds set aside for an employee's future benefit.
a retirement plan funded by contributions from the employee, employer, or both.
YOU MIGHT ALSO LIKE...
Series 7 Top-Off Exam Preparation | Knopman Marks Guide
Benefits Learning Tool
Facility Mgt Ch. 8
OTHER SETS BY THIS CREATOR
Lesson 18: Resolving Insolvency
Lesson 17: How to Lose it All..
Lesson 16: Share with Care!
Lesson 15: Protect What You've Earned
THIS SET IS OFTEN IN FOLDERS WITH...
Lesson 3: A Job That Pays
Lesson 5: Honey, They Shrunk My Paycheck
Lesson 6: The Global Employee
Lesson 7: The Credit Conundrum