| A | B |
|---|
| income | money recieved from work or investments |
| salary | weekly, monthly, or yearly rate of pay |
| self-employment | workers are in business for themselves |
| hourly rate | paid a specific amount each hour worked |
| regular hours | hours employees are required to work each week |
| overtime hours | extra hours worked |
| fringe benefits | hidden paycheck within a paycheck |
| FICA tax | imposed by the Federal Insurance Contribution Act |
| commission | income that depends on how much you sell in a given period of time |
| graduated commission | commission rate depends on amount of sales |
| base salary | income you receive regardless of how many items you produced or sold |
| push money | cash incentive provided by a manufacturer for selling their products |
| Social Security | a combination of disability insurance and a pension plan that is compulsory for most workers. |
| Social Security/Disability Insurance | Income to individuals who become disabled and thus cannot work. |
| Social Security/Survivors Insurance | Money for monthly living expenses to survivors of deceased workers who were eligible for Social Security benefits. |
| Social Security/Retirement benefits | Monthly Social Security payments made to a retired worker and to the worker's spouse. |
| Medicare/Heath Insurance | Health insurance for people over 65. |
| Gross Pay | total pay |
| Net Pay | Gross pay minus deductions equals take home pay |
| Deductions | an amount of money subtracted from a person's gross pay for such items as FICA taxes, federal and state income taxes, insurance premiums, and union dues. |
