Employees hired for a specified period of time to complete a particular project for an employer.
What are Contract employees
100
Electronically transferred pay into employees bank account.
What is direct deposit
100
A set amount of money earned by an employee per year.
What is a salary.
100
This can be itemized or standard.
What is a deduction
100
Given to you by your employer(s) no later than January 31.
What is the W-2 form.
200
Hold wage or salary jobs of at least 32 hours per week.
What is a full-time employee
200
Identification on the pay stub: your name, address and pay dates.
What is personal information.
200
A provision within the Fair Labor Standards Act; the lowest hourly rate an employer may legally pay most workers.
What is minimum wage
200
Unlike a tax deduction, which is subtracted from your income, this is subtracted directly from the amount of tax owed.
What is a tax credit.
200
Filled out when hired, this can help ensure you pay enough taxes during the year, also known as Employee's Withholding Allowance Certificate.
What is a W-4 form.
300
An employee who works less than 35 hours per week.
What is a part-time employee
300
Total amount of money earned for working during the pay period.
What is gross pay
300
Payed to an employee when they work in excess of 40 hours per week; this must be at least 1.5 times the regular.
What is overtime.
300
Tax laws allow some income to be excused from tax, based on the number of people in the household. (hint, you mark these on your W-4).
What is an exemption.
300
Interest earned throughout the year will be on this form.
What is a Form-1099
400
Workers who fill temporary vacancies or help with additional work.
What are temporary employees
400
Anything subtracted from gross pay.
What is a deduction
400
A government enacted certain standards governing employee payment and compensation; it is also used to prevent discrimination in the workplace.
What is the Fair Labor Standards Act (FLSA)
400
Someone supported by a taxpayers income.
What is a dependent.
400
Simplified tax form, you will not use these if you will itemize your deductions.
What are Form 1040A and 1040EZ.
500
Increase or decrease staffing as needs change, costs may be less, employers have a trial period to evaluate potential new employees just to name a few.
What are advantages of using temporary or contract employees.
500
When all is said and done what you take home.
What is net pay.
500
Insurance, savings and retirement, vacation, and sick leave just to name a few.
What are benefits.
500
The result when you get to subtract certain items from your income, called adjustments to income.
What is adjusted gross income.
500
Form you will use if you are itemizing you deductions.