Paycheck terms

Question 1

403b

Answer 1

a retirement plan invested in bonds and annuities for an employee of a NON PROFIT company

Question 2

401k

Answer 2

a retirement plan invested in the stock market for an employee of a FOR PROFIT company

Question 3

pension

Answer 3

a fixed sum to be paid to a worker in installments over time after retirement

Question 4

IRA

Answer 4

an Individual Retirement Account set up by a person to finance their retirement

Question 5

piecework

Answer 5

a fixed rate a worker is paid per unit produced, regardless of time

Question 6

overtime rate

Answer 6

a rate of not less than one and a half times the regular rate of pay for hours worked beyond 40

Question 7

quota

Answer 7

a worker is paid a percentage of the revenue brought in by the sales they make after they reach a minimum level of expectation

Question 8

salary

Answer 8

an amount you earn per year regardless of hours worked

Question 9

net pay

Answer 9

the amount you take home from your paycheck

Question 10

wage

Answer 10

a set amount you earn per hours worked

Question 11

gross pay/ total earnings

Answer 11

the amount you earn before deductions are taken from your paycheck

Question 12

straight commision

Answer 12

a worker is paid a percentage of the revenue brought in by the sales they make

Question 13

minimum plus

Answer 13

a worker is paid a salary minimum each month plus a percentage of the revenue brought in by the sales they make

Question 14

commission plus bonus

Answer 14

a worker is paid a commission % plus a bonus if sales reach a certain set amount

Question 15

wage garnishment

Answer 15

a court order that requires an employer to withhold wages a pay an employee’s debt

Question 16

salary or commision

Answer 16

a worker is paid a fixed salary or a percentage of the revenue brought in by the sales they make, whichever is greater

Question 17

graduated

Answer 17

a worker is paid an increasing percentage of the revenue brought in by the sales they make as sales volume increases

Question 18

medicare tax

Answer 18

a tax collected by the Federal government to pay for medical care for citizens over age 65

Question 19

Minnesota state income tax

Answer 19

a tax paid to the state government based on income , marital status, and number of dependents

Question 20

social security

Answer 20

a tax collected by the federal government to pay for retirement and disability benefits

Question 21

federal income tax

Answer 21

a tax paid to the federal government based on income, marital status, and a number of dependents

Question 22

justify

Answer 22

show or prove to be right or reasonable

Question 23

synthesize

Answer 23

combine the parts into a coherent whole

Question 24

infer

Answer 24

draw a conclusion based on given facts; predict, generalize

Question 25

interpret

Answer 25

present the subject at hand in understandable terms

Question 26

illustrate

Answer 26

make clear by citing examples