Chapter 6 Vocab Flashcards
Total amount you earn before any deductions are subtracted
Gross Pay
Amounts subtracted from your gross pay like taxes and Social Security
Deductions
When all deductions are taken out of your gross pay, the amount left
“Take-home pay”
Net Pay
Time worked beyond the regular hours
Rate: 1.5 times the regular rate
Overtime
May be started at annual amount
Amount is divided into equal amounts to be paid each pay
Monthly, 2 a month, Every 2 weeks, Weekly
Salary
Required by law; Social Security Tax, Federal Income Tax, State Taxes, Medicare
Required Deductions
Optional
Insurances, union dues, contributions, and savings
Other Deductions
Considered incentive pay, money offered to encourage employers to strive for higher levels of performance
Profit Sharing/Incentive Pay
Paid for special days that you do not work
Paid Vacations and Holidays
Extras that companies offer in order to improve employee morale and working conditions
Employee discount, Social + Recreational programs, Free Parking, Tuition reimbursement for college courses, Wellness programs, Counseling
Employee Services
Onsite child-care facilities
Coverage of child-care expenses as a part time employee
Child Care
Allowance of days each year for illness with pay as usual, customary to receive 3 to 10 days a year as “sick days” without deductions
Sick Pay
Some employers allow employees to temporarily leave their jobs (No Pay) and return at a later time
Leaves of Absence
(Absence for personal reasons) so that employees can attend to important matters without calling in “sick” when they aren’t sick
Personal Days
Most plans require employees pay for part of their own coverage as well as to cover dependents
Health, Life, Dental, Vision
Insurance
Incentive pay based on quality of work done, years of services, or company sales or profits
Bonuses
Give employees the right to buy a set of number shares of the company’s stock at a fixed price
Stock Options
Funded by the employer
Retired employees receive monthly checks
Pension Plans
Entitled to full retirement
Vested
401(k)-Private employers, 403(b)-gov. employers; Employees put money into these accounts; Employer may contribute money
Retirement Savings Plans
Employees must do a detailed report to get paid
Ex. Company cars, Mileage allowance, Cover hotel, Meals, etc.
Travel Expenses
Not being present at your workplace of employment voluntarily
Absenteeism
Physical or emotional exhaustion due to stress from working with people under difficult or demanding conditions
Burnout
Number of employees hired to replace those who left or were fired
Turnover
Get away from the standard 8 hours a day, 5 days a week work schedule
Altered Workweeks
Work schedule that allows employees to choose their work hours within defined limits
Flextime
Period in flextime arrangements that all employees must be present in their office
Core Time Period
40 hour workweek into less than 5 days
Compressed Workweek
Trained to do more than one specialized task
Job Rotation
2 people share one full time position
Job Sharing
(16-25 hours a week) Companies can save on salary and benefits by hiring permanent part time employees
Permanent Part Time
Can work from home or on the road
Telecommuting
Group of people joined together for a common purpose + work in the same or similar occupations
Labor Unions
Recruit new members
Engage in collective bargaining
Support political candidates
Provide support services for members
Functions of Unions
Negotiating a work contract
Collective Bargaining
Formal complaint by an employee or by the Union that the employer has violated some aspect of the work contract
Grievance
Length of time on the job
Transfers, promotions, and vacation time
Seniority
Bricklayers, carpenters, and electricians
Craft Union
Auto, steel, oil, and mining workers
Industrial Union
Secretarial, teachers, and police officers
Public-Employee Union
People in a particular occupation that requires considerable training + specialized skills
Professional Organizations
Attempt to influence public officials to pass laws and make decisions that benefit the profession
Lobbying
