Paycheck terms Flashcards
403b
a retirement plan invested in bonds and annuities for an employee of a NON PROFIT company
401k
a retirement plan invested in the stock market for an employee of a FOR PROFIT company
pension
a fixed sum to be paid to a worker in installments over time after retirement
IRA
an Individual Retirement Account set up by a person to finance their retirement
piecework
a fixed rate a worker is paid per unit produced, regardless of time
overtime rate
a rate of not less than one and a half times the regular rate of pay for hours worked beyond 40
quota
a worker is paid a percentage of the revenue brought in by the sales they make after they reach a minimum level of expectation
salary
an amount you earn per year regardless of hours worked
net pay
the amount you take home from your paycheck
wage
a set amount you earn per hours worked
gross pay/ total earnings
the amount you earn before deductions are taken from your paycheck
straight commision
a worker is paid a percentage of the revenue brought in by the sales they make
minimum plus
a worker is paid a salary minimum each month plus a percentage of the revenue brought in by the sales they make
commission plus bonus
a worker is paid a commission % plus a bonus if sales reach a certain set amount
wage garnishment
a court order that requires an employer to withhold wages a pay an employee’s debt
salary or commision
a worker is paid a fixed salary or a percentage of the revenue brought in by the sales they make, whichever is greater
graduated
a worker is paid an increasing percentage of the revenue brought in by the sales they make as sales volume increases
medicare tax
a tax collected by the Federal government to pay for medical care for citizens over age 65
Minnesota state income tax
a tax paid to the state government based on income , marital status, and number of dependents
social security
a tax collected by the federal government to pay for retirement and disability benefits
federal income tax
a tax paid to the federal government based on income, marital status, and a number of dependents
justify
show or prove to be right or reasonable
synthesize
combine the parts into a coherent whole
infer
draw a conclusion based on given facts; predict, generalize