21 terms

Getting Paid Vocabulary

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Commission
A fee that a salesperson receives upon completion of a sale.
Dependent
A person who relies on the taxpayer for financial support.
Direct Deposit
Wages are deposited directly into a depository institution 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 contributed to various employee benefits.
Employment
Agreement between an employer and employee.
Form W-4 (Employee's Withholding 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 worker's 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
Fixed amount of money or compensation paid to an employee by an employer in return for work performed.
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 the age of 18), or the 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 jobs through no fault of their own.
Workers Compensation
A state-sponsored system that pays monetary benefits to workers who become injured or disabled on the job.