| A | B |
|---|
| Cafeteria Plans | Fringe benefit plan which an employer offers a wide variety of benefits |
| Child Care | child care centers offering on-site or near-site child care for their employees’ children |
| Commission | A percentage of the sales price of a product paid to the salesperson |
| Cost of Living Adjustment | An automatic raise in salary to compensate for inflation |
| Dependents | People an employee supports financially |
| Educational Assistance Plans | Employers pay tuition for employees working toward a degree or taking other work-related courses |
| Family Leave Act | Federal legislation requiring employers to grant workers up to 12 weeks of unpaid leave for the birth or adoption of a child, to care for an ill family member or to recover from their own serious illness |
| Federal Income Tax | A tax the employer automatically withholds from the paycheck and sends to the federal government. The amount of taxes withheld is based on the number of personal allowances claimed |
| FICA | Federal Insurance Contributions Act. FICA is a social security retirement tax. The money pays a pension when people reach retirement age |
| 401K Plans | Pension benefits which allows an employee to put aside a portion of income each year. The employer may provide matching funds |
| Life Insurance | A policy in which you designate a person to receive a payment from the insurance company should you die |
| Medical Payment Plan | Insurance which pays medical expenses. Some employers pay the entire cost of a worker’s health insurance; others split the cost with the employee |
| Merit Raise | Raise based on merit-how well employee performs the job |
| Minimum Wage | A base hourly rate established by the federal government |
| Official Salary Schedule | Salaries established by the federal government. Positions are assigned a rating such as G.S. 8 or G.S. 9 and a standard salary |
| Paid Time Off (PTO) | An employer may offer paid time off for the following situations funeral leave, holidays, maternity/paternity and adoption leave or military leave |
| Paid Sick Leave | Employers usually establish a limited number of paid days you may use for sick days each year |
| Vacation Leave | Paid time off. The length of time usually increases the longer the person works at a company |
| Profit Sharing | Companies share the profits with their employees |
| Take Home Pay | Money an employee receives after the ir employer has made the necessary deductions |
| Worker’s Compensation Insurance | Insurance which pays for injuries that occur at work. It will also partially pay for time off the job due to work-related injuries |
| Base Salary | the amount paid before commission |
| Benefits | extra forms of payment available to employees such as health insurance, paid vacation, etc. |
| Blue-collar | of or relating to wage earners, especially as a class whose jobs are performed in work clothes and often involve manual labor |
| Bonus | a sum of money given to an employee in addition to the employee’s usual compensation |
| Collective Bargaining | negotiation between organized workers (union) and their employer or employers to determine wages, hours, rules and working conditions |
| Expense Account | an account of expenses for repayment to an employee |
| Gross Pay | the amount of income before taxes and other deductions |
| Hourly Wage | payment for work done per hour |
| Medicare | a program under the U.S. Social Security Administration which reimburses hospitals and physicians for medical care provided to qualifying people over 65 years old |
| Net Pay | the amount of income after taxes and other deductions; also known as take home pay |
| Overtime | payment for additional work done outside of regular working hours |
| Pension | a regular payment to a person that is retired or no longer working |
| Personal Allowances | the number of dependents that receive financial support from a person |
| Raise | an increase in the amount of money paid to an employee |
| Residuals | a payment made to a performer, writer or director for each repeat showing of a recorded television show or commercial |
| Retirement | the state of being retired from one’s business or occupation |
| Royalty | a percentage paid out of the proceeds resulting from the sale of one’s |
| Salary | a fixed amount of money paid to a person on a regular basis |
| Social Security | a government program that provides economic assistance to a person faced with unemployment, disability or agedness, financed by assessment of employers and employees |
| Spiff | a bonus applied by the manufacturer |
| Starting Salary | the amount of money one is paid at the beginning of a job |
| Straight Commission | a percentage paid of each sale, no base salary is available |
| Time and a Half | a rate of pay that is one and a half times the regular rate, as for overtime work |
| Tips | a small sum of money given to someone for performing a service; a gratuity |
| Unemployment Insurance | a social insurance program that provides unemployment compensation for a limited period to involuntarily unemployed workers |
| Union | an organization of wage earners formed for the purpose of serving the members’ interest with respect to wages and working conditions |
| Vacation Leave | Paid time off; the length of time usually increases the longer the person works at a company |
| Vested | fully and absolutely established as a right, benefit or privilege— not subject to forfeiture if employment terminates before retirement |
| White Collar | of or relating to workers whose work usually does not involve manual labor and who are often expected to dress with a degree of formality |
