Unit 4 Review

Front

The definition of gross income is a(n) ___________

Back

Income before taxes are taken out

Front

What is a compensation package?

Back

Wages or salary plus fringe benefits

Front

What is the definition of overtime wage?

Back

1.5x the hourly wage for hours worked over 40 hours in a single work week

Front

What is the definition of a salary?

Back

Fixed sum of money paid at regular intervals

Front

What is net pay?

Back

Amount of your paycheck after taxes and voluntary deductions are taken out

Front

Deductions are

Back

Money taken from gross pay for insurance, taxes, social security, etc.

Front

Employee benefits can be valuable extras offered beyond wages: health, life, or disability _________.

Back

Insurance

Front

Employee benefits can be valuable extras offered beyond wages: Matching funds the employee contributes to a retirement account up to a limit

Back

Retirement

Front

Employee benefits can be valuable extras offered beyond wages: A pre-tax account used to pay for designated expenses, such as medical expenses is known as __________

Back

Flexible spending account

Front

Employee benefits can be valuable extras offered beyond wages: Paid or unpaid days to use as the employee desires is _______

Back

Personal Leave