U3-Earning L4 Getting Paid Flashcards Preview

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Flashcards in U3-Earning L4 Getting Paid Deck (21)
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1
Q

fee that a salesperson receives upon completion of a sale

A

commission

2
Q

person who relies on the taxpayer for financial support

A

dependent

3
Q

wages are deposited directly into a depository institution account

A

direct deposit

4
Q

products or services that add extra value for employees beyond earned wages

A

employee benefits

5
Q

amount the employer has contributed to various employee benefits

A

employer contributions

6
Q

agreement between employer and employee

A

employment

7
Q

form that determines the percentage of an employee’s pay that will be withheld for federal taxes

A

W-4 (employee’s withholding allowance certificate)

8
Q

amount of money earned before payroll taxes

A

gross income

9
Q

taxes paid to federal, state and local governments on the amount of money earned and unearned

A

income tax

10
Q

federal program whose main purpose is to help pay for health care for those over 65

A

Medicare

11
Q

amount of money left once all deductions have been taken from gross income

A

net income

12
Q

check written to a worker in the amount of money earned

A

paper paycheck

13
Q

reloadable debit card onto which a worker’s pay is loaded

A

payroll card

14
Q

taxes withheld or paid on your behalf by your employer

A

paytoll tax

15
Q

regular schedule by which employers pay employees

A

pay period

16
Q

outlines the deductions made to wages

A

pay stub

17
Q

fixed amount of money or compensation paid to an employee by an employer in return for work performed

A

salary

18
Q

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 the premature death of spouse in family with children

A

Social Security

19
Q

total tax bill

A

tax liability

20
Q

source of income for workers who have lost their jobs through no faulty of their own

A

unemployment insurance

21
Q

state-sponsored system that pays monetary benefits to workers who become injured or disabled on the job

A

Workers’ compensation