Getting Paid Vocabe. Unite 1

Question 0

Dependent

Answer 0

A person who relies on the taxpayer for financial support

Question 1

Commission

Answer 1

A fee that a salesperson receives upon completion of a sale

Question 2

Direct deposit

Answer 2

Wages are deposited directly into a depository institution account. (Bank account)

Question 3

Employee benefits

Answer 3

Employers may offer employee benefits in the form of

products or services that add extra value for employees beyond earned wages

Question 4

Employer contributions

Answer 4

The amount the employer has has contributed to varies employee benefits.

Question 5

Employment

Answer 5

An agreement between employer and employee

Question 6

Form W-4. (Employes withholdings allowance certificate)

Answer 6

The form that determines the percentage of an employee’s pay that will be withheld for federal taxes.

Question 7

Gross income

Answer 7

Amount of money earned before payroll taxes.

Question 8

Income tax

Answer 8

Taxes paid to federal, state, and local governments on the amount of money earned.

Question 9

Medicare

Answer 9

A federal program whose main purpose is to help pay for health care for those over 65.

Question 10

Net income

Answer 10

Amount of money left once all deductions have been taken from gross income.

Question 11

Paper paycheck

Answer 11

A check written to a worker in the amount of money earned.

Question 12

Payroll card

Answer 12

A reloadable debit card onto which a workers pay is loaded.

Question 13

Payroll tax

Answer 13

Taxes withheld or paid on your behalf by your employer

Question 14

Pay period

Answer 14

The regular schedule by which employers pay employees.

Question 15

Pay stub

Answer 15

Outlines the deductions made to wages.

Question 16

Salary

Answer 16

A fix amount of money or compensation paid to an employee by an employer in return for work preformed.

Question 17

Social security

Answer 17

A federal government program that funds retirement accounts, financially supports citizens who have experienced profound disability, the premature death of a parent (if under 18), or premature death of a spouse in a family with children.

Question 18

Tax liability

Answer 18

Total tax bill

Question 19

Unemployment insurance

Answer 19

A source of income for workers who have lost their job through no fault of their own.

Question 20

Workers compensation

Answer 20

A state-sponsored system that pays momentary benefits to workers who become injured or disabled on the job.