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PFM Ch. 5-6
Terms in this set (68)
this form asks for your name, address, Social Security number, marital status, and the number of exemptions you are claiming for income tax purposes. This information determines the amount your employer will withhold from your paycheck for income taxes.
reductions in the amount of tax withheld from your paycheck
available only to people who will not earn enough in the year to owe any federal income tax
Social Security number
your permanent work identification number
wage and tax statement; a summary of the income you earned during the year and all amounts the employer withheld for taxes. Each of your employers must provide you with a form W-2 for the previous tax year no later than January 31 of the current year. One goes to the government.
people under the age of legal adulthood
many states require minors to obtain this before they are allowed to work. You need your Social Security number, proof of age, and permission from parent/guardian to get one.
also called Employment Eligibility Verification form; must be completed by you and your employer. The purpose of it is to verify the employee's identity and eligibility to work in the US. You must present forms of identification along with this.
Department of Labor
responsible for enforcing labor laws that protect workers
Social Security Act
established in 1935, a national social insurance program that provides federal aid for the elderly and disabled workers. Also includes Medicare (1965); provides hospital or medical insurance for those 65 and older
Provides benefits to workers who lose their jobs through no fault of their own. After a waiting period, laid-off/terminated workers may collect a portion of their regular pay for a certain length of time.
the amount you pay up front in order to get insurance; typically there is a cost sharing between employers and employees
Fair Labor Standards Act
also known as Wage and Hour Act; establishes minimum wage and requires hourly workers to be paid overtime wages of 1.5x their hourly rate
the lowest wage that an employer may pay an employee as established by law
an insurance program that pays benefits to workers and/or their families for injury, illness, or death that occurs as a result of the job. The employer is responsible for employee injuries and illnesses that are the result of employment, regardless of fault.
Family and Medical Leave Act (FMLA)
created in 1993; allows employees to take up to 12 weeks of unpaid leave in a 12-month period for certain medical and family situations. Some employers may choose to pay employees during some types of leave, such as sick leave, but they are not required by law to do so.
Equal Pay Act
prohibits unequal pay for men and women during substantially similar work
Civil Rights Act of 1964
prohibits discrimination in hiring, training, and promotion on the basis of race, color, gender, religion, or national origin
Age Discrimination in Employment Act
prohibits discrimination in employment decisions against people age 40 and over
Americans with Disabilities Act
prohibits discrimination on the basis of physical or mental disabilities
Equal Employment Opportunity Commission (EEOC)
enforces laws against discrimination in employment
responsibilities to employers
competent work, punctuality, pleasant attitude, loyalty and respect, dependability, initiative, interest, self-evaluation
if your work is ________, it is of such quality that the employer can sell it or use it to favorably represent the company
being ready to start work at the appointed time
pleasant and easy to get along with, courteous to customers
loyalty and respect
you show respect for your employer and teh company for which you work, both on and off the job
a character trait that means you can be counted on to do what you say you will
taking the lead, recognizing what needs to be done, and doing it without having to be told
you should project an attitude of wanting to learn all you can and giving all tasks your best effort
the ability to take criticism and to assess your own progress is important to you and your employer
means working cooperatively in order to achieve a group goal
be considerate of coworkers to promote a good work atmosphere for everyone, including customers.
adequate supervision, fair human resource policies, safe working conditions, open channels of communication, recognition of achievement
providing new and current employees with the information and training they need to do their jobs well. Includes providing appropriate instruction in the safe use of equipment and adequate training for new employees.
human resource policies
policies on hiring, firing, raises, promotions, and dispute resolution
safe working conditions
safe equipment, safe working environment, adequate training for working under dangerous conditions
report that discusses the employee's strengths and weaknesses in performing the job and how well the employee helped to meet company goals. As a result of evaluations, employees are given merit pay raises, bonuses, etc.
the total amount you earn before any deductions are subtracted (includes overtime)
amounts subtracted from your gross pay
the amount left when all deductions are taken out of your gross pay
time worked beyond the regular hours (standard 40 hours), included in gross pay
15.3. (12.4 + 2.9)*2 (for employer-matching contributions and employee contributions of Social Security and Medicare tax)
money offered to encourage employees to strive for higher levels of performance
forms of employee compensation in addition to pay
plan that allows employees to receive a portion of the company's profits at the end of the corporate year
the extras that companies offer in order to improve employee morale and working conditions (e.g. discounts, social and recreational programs, free parking, tuition reimbursement for college courses, wellness programs, counseling)
an allowance of days each year for illness, with pay as usual (3-10 days a year)
incentive pay based on quality of work done, years of service, or company sales or profits
give employees the right to buy a set number of shares of the company's stock at a fixed price
a type of retirement savings plan that is typically funded by the employer
when you are _____, you are entitled to the full retirement account; usually happens after a specified period of time, such as 5 years.
employer-sponsored retirement savings plans
401(k) for private employers or a 403(b) for government employers. Employer may contribute, but doesn't have to.
companies that require employees to travel in the course of their work often provide a company car or a mileage allowance if employees use their own car
flexible scheduling, work schedule that allows employees to choose their working hours within defined limits. Core time period and negotiated start/end.
a work schedule that fits the normal 40 hour workweek into less than 5 days
job design in which employees are trained to do more than one specialized task. Employees rotate from one task to another.
2 people share on full-time position. Split salary and benefits.
many employees choose to work only part time (16-25 hours a week). Companies save on salary and benefits.
advances in technology have made it possible. Employees work at home or on the road and stay in contact with their manager and coworkers through technology.
a group of people who work in the same or similar occupations, organized for the benefit of all employees in these occupations. They recruit new members, engage in collective bargaining, support political candidates who support members' interests, and provide support services for members.
the process of negotiating a work contract for union members
formal complaint, by an employee or by the union, that the employer has violated some aspect of the work contract
refers to the length of time on the job and is used to determine transfers, promotions, and vacation time according to most union contracts
regarding unions, a neutral third party that helps the two parties reach a compromise
when a union refuses to work until an agreement is reached
municipal, county, state, or federal employees such as firefighters, teachers, and police officers may organize these
consists of people in a particular occupation that requires considerable training and specialized skills
an attempt to influence public officials to pass laws and make decisions that benefit the profession
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