Chapter 2 Flashcards
Overtime Pay
1 1/2 times more than regular pay for hours above 40 hours
Minimum wage
Lowest pay rate allowed by law for each hour worked
Tips
(to insure prompt service) money or gift given to a person that is subjected to federal taxes
Commission
percentage of a sale paid to a salesperson instead of or in addition to salary or wages
Self Employment
An entrepreneur takes the risks of being self-employed or owning a business
Profit
The amount of money left after all costs are deducted from income of a business
Benefit
Form of pay other than salary or wages
Dividends
money shared with a stockholder when a corporation makes profits
Tax
Required payments to a government
Social security benefits
Workers pay into the Social Security fund and receive a statement each year
Networking
Networking is the process of making contacts and relationships with people
Examples: teachers, counselors and coworkers
Keeping track of contacts names, addresses, phone numbers
Using sick leave
Using sick leave
Sick leave is valuable benefit
Employers have rules regarding use of sick leave
Ethical behavior requires following the company’s sick leave rules
Luxury taxes
Charged for products such as expensive car
Excise taxes
Charged on purchase of specific goods such as motor fuel
Workers compsosation
An insurance plan
Pays medical and disability benefits to workers who are injured or contract diseases on the job
Laws and programs vary by state
Premiums are paid primarily by employers
