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.
Social Security
Provides income for people after they retire.
Social Security Number
A unique 9-digit number that identifies a resident of the United States; this number is used to keep track of Social Security taxes that are paid.
