| A | B |
|---|
| commission | A fee that a salesperson receives upon completion of a sale |
| dependent | A person who relies on the taxpayer for financial support |
| direct deposit | Wages are deposited directly into a depository institution account |
| employee benefits | Employers may offer employee benefits in the form of products or services that add extra value for employees beyond earned wages |
| employer contributions | The amount the employer has contributed to various employee benefits |
| employment | Agreement between an employer and employee |
| Form W-4 (employee's withholding certificate) | The form that determines the percentage of an employee’s pay that will be withheld for federal taxes |
| gross income | Amount of money earned before payroll taxes |
| income tax | Taxes paid to federal, state and local governments on the amount of money earned |
| medicare | federal program whose main purpose is to help pay for health care for those over 65 |
| net income | Amount of money left once all deductions have been taken from gross income |
| paper paycheck | A check written to a worker in the amount of money earned |
| payroll card | A reloadable debit card onto which a worker's pay is loaded |
| payroll tax | Taxes withheld or paid on your behalf by your employer |
| pay period | The regular schedule by which employers pay employees |
| pay stub | Outlines the deductions made to wages |
| salary | Fixed amount of money or compensation paid to an employee by an employer in return for work performed |
| social security | A federal government program that funds retirement accounts, financially supports citizens who have experienced profound disability, the premature death of a parent (if under the age of 18), or the premature death of a spouse in a family with children |
| tax liability | Total tax bill |
| unemployment insurance | source of income for workers who have lost their jobs through no fault of their own |
| worker's compensation | A state‐sponsored system that pays monetary benefits to workers who become injured or disabled on the job |
