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Work Compensation and Forms
vocab
17
Business
10th Grade
04/04/2012

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Term
Wage
Definition
Amount of money paid for a specified quantity of labor; ex: hour
Term
Salary
Definition
Set amount of money paid for a set period of time worked
Term
Commission
Definition
Income paid as a percentage of sales made by a salesman
Term
Tips (Gratuity)
Definition
Money paid by customers to those who provide services
Term
Production
Definition
Compensation paid based on number of pieces or items produced
Term
Bonus
Definition
Money paid in addition to base pay;reward for performance or a share of profit
Term
Pay check
Definition
A form of payment to an employee
Term
Direct deposit
Definition
An employer deposits the employee's paycheck driectly into the authorized
employee's depository institution account
Term
Payroll card
Definition
A prepaid card that is offered to employees as an alternative to paper paychecks or directly Wages into an Employee's despository institution
Term
Paycheck stub
Definition
This part lists the paycheck deductions as well as other important information
Term
Pay period
Definition
Length of time for which an Employee's wages are calculated
Term
Gross pay
Definition
Total amount of money earned during the pay period before deductions
Term
Net pay
Definition
Amount of money left afterall the deductions have been taken from the gross pay earned in the pay period,
Term
Deductions
Definition
Money subtracted from gross pay for required taxes, employee insurance, and retirement benefits; may be voluntary or mandatory
Term
Federal withholding tax
Definition
Amount required by law for employers to withhold (deduct) from earned wages to pay federal income taxes
Term
State withholding tax
Definition
Amount DEDUCtED FRPm aO KODKVKDUaN’S income to assist in funding government agencies within the state
Term
FICA
Definition
Federal Insurance Contributions Actfunds Social Security and Medicare. Social Security taXES aRE BaSED PO a Ã.À QERCEOtaGE PF tJE EmQNPYEE’S GRPSS KOCPmE. MEDKCaRE KS ¿.ÁÂ% of gross income
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