U3-Earning L4 Getting Paid

Question 1

fee that a salesperson receives upon completion of a sale

Answer 1

commission

Question 2

person who relies on the taxpayer for financial support

Answer 2

dependent

Question 3

wages are deposited directly into a depository institution account

Answer 3

direct deposit

Question 4

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

Answer 4

employee benefits

Question 5

amount the employer has contributed to various employee benefits

Answer 5

employer contributions

Question 6

agreement between employer and employee

Answer 6

employment

Question 7

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

Answer 7

W-4 (employee’s withholding allowance certificate)

Question 8

amount of money earned before payroll taxes

Answer 8

gross income

Question 9

taxes paid to federal, state and local governments on the amount of money earned and unearned

Answer 9

income tax

Question 10

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

Answer 10

Medicare

Question 11

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

Answer 11

net income

Question 12

check written to a worker in the amount of money earned

Answer 12

paper paycheck

Question 13

reloadable debit card onto which a worker’s pay is loaded

Answer 13

payroll card

Question 14

taxes withheld or paid on your behalf by your employer

Answer 14

paytoll tax

Question 15

regular schedule by which employers pay employees

Answer 15

pay period

Question 16

outlines the deductions made to wages

Answer 16

pay stub

Question 17

fixed amount of money or compensation paid to an employee by an employer in return for work performed

Answer 17

salary

Question 18

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 the premature death of spouse in family with children

Answer 18

Social Security

Question 19

total tax bill

Answer 19

tax liability

Question 20

source of income for workers who have lost their jobs through no faulty of their own

Answer 20

unemployment insurance

Question 21

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

Answer 21

Workers’ compensation