Vocab
What is the definition of Net Pay
take-home pay or the amount employees earn after all payroll deductions are subtracted from their gross pay.
Name two types of tax taken out of our paychecks each week
Medicare
social security
federal or state tax
When your wages go directly into your bank account rather then receiving checks its called?
Direct Deposit
If you work more then your regular hours what is that called?
Overtime.
What does it mean to be on salary pay rather than hourly?
Salary- fix payments based on a yearly amount
What is sales tax?
taxes we pay on items we buy
Summary of total gross income, deductions, and net income since the start of the year is referred to as?
YTD-year-to-date
When you work for someone else you are called an..
Employee
What does Payroll deductions mean?
Payroll deductions - wages withheld from an employee's total earnings for the purpose of paying taxes, garnishments and benefits, like health insurance.
true or false: I don't have to pay my taxes every year
false. We have to pay our taxes.
If 40 hours is a regular week for a full time employee what is regular for a part time employee?
15-20hrs
What is the difference between a paycheck and a pay stub?
paycheck=money to put in bank account. Paystub=information on the breakdown of earnings/taxes/deductions.
Name two job benefits that a job may offer.
What is a Gross Pay?
The total amount of money earned before taxes are taken out
retirement savings plan is called a
401K
If I leave a job where I started a 401K can I roll that 401K plan over to my next job?
yes
a time frame used to calculate earned wages and determine when employees receive their paycheck is called?
a Pay Period
YTD is abbreviation for what?
Year to date.
This mandatory retirement savings deducted from your income is called...
Social Security
What does it mean to get paid Biweekly not weekly?
Paid every other week,