Vocab Types of Pay Benefits Deductions Fun 100 200 300 400 500.

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Presentation transcript:

Vocab Types of Pay Benefits Deductions Fun

Failing to repay a loan

Allows you to put off making loan payments while you are still in school. Interest still accumulates and compounds.

Total amount of income you earn in a pay period.

IRS form that withholds employee’s earnings

After subtracting deductions for your paycheck this is the amount leftover.

Pay that earns you time and a half.

Sales jobs that pay you a percentage of what you sell.

Pay earned from customers in hospitality and tourism industrise.

A one-time pay when things are going well for the company.

Happens once a year and if you score well you may see a raise.

You should dedicate about 10% of your income to this; your employer may match your contributions to it.

When you can be gone from work (due to illness or vacation) and still earn a paycheck.

Includes payment for seeing doctors and sometimes includes dental work.

When your employer assists in paying for some or all of your education.

Pays your beneficiaries if you die.

Ranges from 10 – 35% and is paid to the US Treasury

Ranges from 3% - 11% of your income and is paid to the government

FICA is a deduction that is a combination of these two programs.

Currently 14 states collect this from your paycheck; Colorado is not one of them. Also called an “occupational” tax

If you earn $10 an hour and work 20 hours and your deductions are $50. What is your net pay?

Name 3 of the 4 coaches on “The Voice”

What is the capital of Germany?

Who is Jennifer Aniston engaged to?

Who got the CMA entertainer of the year?

Which trainer who left for two seasons is coming back to Biggest Loser in January?

Default

Mentor

Gross pay

W4 form

Net pay

Overtime pay

Commission

Tips

Bonus

Performance review

Retirement savings account (IRA)

Paid leave

Health insurance

Tuition assistance

Life insurance

Federal income tax

State income tax

Social Security & Medicare/Medicade

Local income tax

$10 x 20 = $200 - $50 = $150

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