Finance Chapter 6

The total amount you earn before any deductions are subtracted

• Gross pay

• Net pay

• Take home pay

Amounts subtracted from your gross pay

• Deductions

• Net pay

• Incentive pay

• Overtime

The amount left after all deductions are taken out of your gross pay

• Net pay

• Gross pay

• Incentive pay

Time worked beyond the regular hours (over 40 hours)

• Overtime

• Time and a half

• Deductions

• Job sharing

The total Social Security and Medicare tax, including employer-matching contributions, paid by people who work for themselves

• Income tax

• Self-employment tax

• Labor union

• Collective bargaining

Money offered to encourage employees to strive for higher levels of performance

• Incentive pay

• Gross pay

• Net pay

Entitled to full retirement account

• Vested

• Lobbying

• Seniority

A work schedule that allows employees to choose their working hours within defined limits

• Flextime

• Compressed workweek

• Job sharing

• Job rotation

A work schedule that fits the normal 40-hour workweek into less than five days

• Flextime

• Compressed workweek

• Job sharing

• Job rotation

A job design in which employees are trained to do more than one specialized task

• Flextime

• Compressed workweek

• Job sharing

• Job rotation