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
