PF_Chapter6 Flashcards
Gross pay
the total amount you earn before any deductions are subtracted
Overtime
time worked beyond the regular hours
Deductions
amounts subtracted from your gross pay
Net pay or take-home pay
the amount after all deductions are taken out of your gross pay
Social Security tax deduction
rate of 6.2% of the first $102,000
Medicare tax deduction
rate of 1.45% of all pay earned
Self-employment tax
the total Social Security and Medicare tax, including employer-matching contributions (15.3%)
Incentive pay
money offered to encourage employees to strive for higher levels of performance
Employee services
extras that companies offer in order to improve employee morale and working conditions
Leave of Absence
allowing employees to temporarily leave their jobs (without pay) for certain reasons, such as having children or completing their education
Bonuses
incentive pay based on quality of work done, years of service, or company sales or profits
Vested
entitled to the full retirement account
Cafeteria-style employee benefits
allow workers to select a range of employer-paid benefits up to a certain total value, based on personal needs
Flextime
work schedule that allows employees to choose their working hours within defined limits
Compressed Workweek
A work schedule that fits the normal 40-hour workweek into less than five days.
Job rotation
employees are trained to do more than one specialized task
Job sharing
two people share one-full-time position
Telecommuting
working at home or on the road. Usually do computer-related work
Labor union
a group of people who work in the same or similar occupations, organized for the benefit of all employees in these occupations
Collective bargaining
the process of negotiating a work contract for union member
Seniority
refers to the length of time on the job and is used to determine transfers, promotions, and vacation time. The longer you work for an employer, the more job security you have.
Grievance
a formal complaint that the employer has violated some aspect of the work contract
Mediation
a neutral third party helps the two parties reach a compromise
Strike
refuse to work until an agreement is reached
Craft union
limited to those who practice the craft or trade (bricklayers, carpenters, or plasterers)
Industrial union
includes skilled, semi-skilled, or unskilled employees in a particular place, industry, or group of industries
Public-employee union
includes municipal, county, state, or federal employees such as firefighters, teachers, and police officers
Professional organization
consists of people in a particular occupation that requires considerable training and specialized skills
Lobbying
an attempt to influence public officials to pass laws to make decisions that benefit the profession
