| A | B |
|---|
| benefits | Forms of employee compensation in addition to pay |
| compressed work week | A work schedule that fits the normal 40-hour workweek into less than 5 days |
| deductions | Amounts subtracted from gross pay |
| flextime | A work schedule that allows employees to choose their working hours within defined limits |
| gross pay | Total pay before deductions are subtracted |
| incentive pay | Money offered to encourage employees to strive for higher levels of performance |
| job rotation | A job design in which employees are trained to do more than one specialized task and move from one task to another |
| job sharing | A job design in which two people share one full-time position |
| labor union | A group of people in the same or similar occupations, organized for the benefit of all |
| net pay | Pay remaining after deductions are subtracted |
| overtime | Time worked beyond the regular 40-hour workweek |
| self-employment tax | Total social security and Medicare tax, including employer matching contributions, paid by people who work for themselves |
| vested | Entitled to the full amount accumulated in a retirement plan |
| adjusted gross income | Gross income minus allowed adjustments |
| alimony | Money paid to support a former spouse |
| audit | An examination of tax return by the IRS |
| child support | Money paid to a former spouse to support dependent |
| exemptions | An amount taxpayers may subtract from their income for each person who depends on their income to live |
| gross income | All the taxable income received during the year, including wages, tips, salaries, interest, dividends, alimony, and unemployment compensation |
| progressive taxes | Taxes that take a larger share of income as the amount of income grows |
| proportional taxes | Taxes for which the rate stays the same regardless of income; also called flat taxes |
| regressive taxes | Taxes that take a smaller share of INCOME as the amount of income grows |
| revenue | Money collected by the government through taxes |
| tax bracket | Income ranges to which different tax rates apply |
| tax credit | an amount subtracted directly from the tax owed |
| tax evasion | willful failure to pay taxes |
| taxable income | Income on which you will pay tax |
