Employment Basics Flashcards
Weekly
Paid once a week, 52 checks a year
Biweekly
Paid every other week, 26 checks a year
Maximum Taxable Income
The maximum income on which a person must pay social security tax in a given year.
Premium
An amount of money paid to a health insurance company.
Semimonthly
Paid twice a month, 24 checks a year
Monthly
Paid once a month, 12 checks a year
Direct Deposit
Paychecks are electronically deposited into a bank account.
Hourly Rate
A set amount paid for each hour of work.
Overtime Hourly Rate
A set amount paid for each hour of work beyond regular work hours.
Time and a Half
1.5 times the hourly rate
Gross Pay
The sum of regular and overtime pay.
Commission
A percentage of total sales paid to employees.
Piecework Rate
A set amount of money paid for each item produced.
Double Time
Two times the hourly rate.
Minimum Wage
The lowest hourly rate that federal law allows.
