(2020) #19 Mathematics

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(2020) #19 Mathematics

Terms in this set (27)

All of the money an employee makes while working at a job, figured before any deductions are taken out.

net pay (take-home pay)

The money that an employee actually receives after deductions, such as employment taxes and the cost of benefits, are subtracted.

salaried (salary basis)

An employee is "salaried" or paid on a "salary basis," when the employee receives regular pay on a regular basis, and the amount doesn't fluctuate.

A fee that is paid for a service and it's usually a percentage. Often people who are in sale jobs receive commissions and it's a portion of the sale they make.

hourly compensation (rate)

Hourly workers are paid (compensated) for the amount of time they spend working and have a set amount that they are paid for each hour of work performed.

Term

Definition

An amount that is subtracted from a paycheck. For example, federal income tax and health insurance premiums.

Location

optional (voluntary) deductions

Voluntary deductions are those that an employer offers and employees may choose to accept. These deductions are not legally required. Examples of optional deductions include life insurance or retirement plans.

required (mandatory) deductions

Mandatory payroll deductions are those required by law. For example, Federal law says an employer must withhold federal income tax, Medicare tax and Social Security tax from an employee's paychecks.

Part of a whole

Term

Definition

The top number in a fraction

Location