| A | B |
|---|
| salary | yearly/annual amount of pay divided into equal amounts for each pay period |
| Another name for gross pay | total earnings |
| Advantage of being paid a salary | get paid the same whether if they work 40 hours or 60 hours in a pay period--guaranteed the same pay, don't need to sign a time card |
| Advantage of being paid hourly | overtime pay if hour over 40 hours |
| pay period | the number of days for which a regular, non-salaried employee gets paid |
| bi-weekly pay period | Being paid once every 2 weeks or every other week |
| semi-monthly pay period | Being paid 2 times a month (1st and 15th or 15th and last day of the month) |
| gross pay | total amount earned before any deductions are subtracted |
| overtime | time worked beyond the regular hours--usually paid time and half (1.5 x the regular pay rate) |
| deductions | amount subtracted from gross pay |
| Required deductions | social security, federal income tax, state income tax, Medicare |
| Optional deductions | investments, savings, union dues, health insurance |
| net pay | the amount of pay left after all deductions have been subtracted |
| profit sharing | also called incentive pay--employees receive a portion of the company profits at the end of the year |
| employee services benefits | usually are extras such as social or recreational programs, fee parking, wellness programs, etc. that help improve employee morale or working conditions |
| child care benefits | provided to reimburse employees for the cost of child care for their dependent children |
| sick pay benefits | paid time off for illness for employee or employee's dependents (3-10 days is common) |
| leave of absence benefits | being allowed a leave from a job--can be paid or unpaid--to an employee to have a child, complete education, etc. |
| health insurance benefits | benefit that provides employees coverage for part of their health coverage--the employee usually pays part as well as a deductible |
| life insurance benefits | benefit paid to a beneficiary when an insured person (usually the employee) dies |
| dental insurance benefits | benefit covering dentist services |
| vision insurance benefits | benefit covering vision services |
| bonuses | a benefit that offers incentives for employees based on work done, sales, etc. |
| stock options | a benefit that gives employees an option to buy a set number of shares of a company's stock |
| pension | benefit whereby an employee receives a monthly check upon retirement--not very common |
| 401k | savings plan whereby an employee makes a contribution and employer may opt to contribute an amount as well--common in a for-profit business |
| 403b | savings plan whereby an employee makes a contribution and employer may opt to contribute an amount as well--common in a not-for-profit business |
| travel expenses benefits | usually provided to employees who travel to cover costs of mileage, general maintenance costs |
| employee benefits | can be a great value to employees, usually aren't taxable, larger companies provide more benefits that small companies |
| cafeteria benefits | programs that allow workers to base their job benefits on personal needs |
| Benefits of Flexible Jobs | reduces absenteeism, reduces burnout, reduces turnover |
| altered workweeks | employees are able to choose their hours, and can vary work start and end times--some businesses |
| flextime | employees fiture out how to complete their work--(free lance)--computer programmers |
| compressed workweek | work schedule fits normal 40-hour week into less than five days (ex. 4 10-hour days)--nurses |
| job rotation | employees move from one task to another, gives employees variety in their work and helps them develop different skills--employees working for a small business |
| job sharing | two people share one full-time job--office jobs |
| permanent part-time | for employees who want to work part-time, companies usually save money by not having to pay employee benefits |
| telecommuting | employees work at home or off site--computer jobs, consultant jobs |
| labor union | group of people who work in the same occupation who organize for the benefit of all employees in those organizations |
| collective bargaining | main purpose of labor unions--negotiating contracts for union members |
| grievance | a formal complaint by an employee or union that management violated the contract in some way |
| seniority | policy in which the last workers hired will be the first fired when jobs must be cut |
| professional organizations | people in a particular occupation what requires consider training and specialized skills who purpose is to keep members up-to-date in their professions and lobby public officials for political action to benefit the profession |
| Form W-4 | Form an employer uses to determine how much money to withhold for taxes |
| I-9 | Form an employer uses to verify your identity and eligibility to work in the U.S. Will need documents such as birth certificate, passport to prove identify |
