| A | B |
|---|
| salary | A set amount of money earned by an employee per year or other fixed length of time. |
| wages | Employee earnings that are paid by the hour, day, or item. |
| piecework | Work for which wages are based on the number of items or pieces produced. |
| commission | A fixed percentage or amount of profit given to an employee in exchange for making a sale. |
| tips | Money given to an employee by customers in exchange for performing a service. |
| minimum wage | The lowest hourly rate an employer may legally post most workers. |
| overtime | Work in excess of 40 hours per week. |
| vested | Entitled to some or all of one's money in a retirement plan when leaving a company. |
| direct deposit | An arrangement in which pay is electronically transferred directly into the recipient's bank account. |
| gross pay | On a paycheck, the total amount of money earned for working during the pay period. |
| deduction | On a paycheck, anything that is subtracted from gross pay. |
| net pay | The amount of pay an employee is left after taxes and other deductions are subtracted from gross pay. |
| allowances | Factors on IRS form W-4 that affect the amount of income tax withholding. |
| dependent | Someone who is supported by a taxpayer's income. |
| tax deduction | An expense that reduces the amount of income that is taxed. |
| itemized deduction | On a tax return, a listing of the amounts actually spent on tax-deductible expenses during the year. |
| standard deduction | On a tax return, a set amount that the IRS allows as a tax deduction withoutth need to list actual expenses. |
| tax credit | On a tax return, an amount subtracted directly from the amount of tax owed. |
