Income
This pay is received annually.
What is a salary?
This deduction saves money for retirement.
What is a 401(K)?
This form is completed by the employee to determine how much tax should be deducted from your paycheck.
What is a W-4?
Employees receive pay even when they are not working.
What is paid time off/sick pay?
This indicates the date range of the hours worked.
What is the pay period?
A fixed hourly rate earned by employees.
What is a wage?
This tax goes to a fund for elderly and disabled persons.
What is the social security tax?
This form must be completed to determine eligibility to work in the United States.
What is the I-9 form?
A company's retirement plan.
What is a 401(k) or pension plan?
This is how the gross dollar amount is calculated, and paid to an employee. It can be a fixed amount or by the hour.
What is the pay rate?
Pay received for time worked beyond your regular hours.
What is overtime?
This tax is paid by all employees, and goes to the federal government that pays for things like defense.
What is federal income tax?
This form is chosen by many employees to have their paycheck transferred electronically to their bank account.
What is a direct deposit?
Paid by the employer to a fund to help employees make ends meet until they are able to find a job.
What is unemployment insurance?
Examples are union dues, uniform costs, health and dental insurance.
What are deductions?
This is calculated as $15 x 40 hours.
What is gross pay?
This tax is paid into a fund for medical expenses when you retire.
What is the medicare tax?
This form is signed by employees stating that they will follow the rules for safe usage of computers and IT network of a organization.
What is the Acceptable Use Policy?
Employer paid benefit to employees injured on the job.
What is worker's compensation?
Examples are Federal, FICA, Medicare, and State.
What are taxes?
This is calculated as gross pay - taxes - deductions.
What is net pay?
This deduction may help pay for a flu shot.
What is health insurance?
This form is received by the employee by Jan. 31st that shows all income earned, taxes, and deductions for the previous year.
What is the W-2 form?
A plan that allows employees to receive a portion of the company’s profits at the end of the corporate year.
What is profit sharing?
The amount of time an employee spends at work. This varies for hourly employees but fixed for salary empolyees.
What are hours worked?