Income Vocab review

Vacation pay, holiday pay, sick leave, life & health insurance are examples of ______________.

• income

• employer benefits

• salary

• hourly wages

Income paid as a percentage of sales made by a salesperson is called ________________.

• commission

• salary

• hourly wages

• goals

Money subtracted by your employer for taxes and other work related items are called_______________

• perks

• deductions

• unfair practices

• benefits

A Wage & Tax Statement sent to employees in January of the following year identifying the wages and taxes deducted from the employee that year is called __________

• pay stub

• form W5

• returns

• form W4

This form tells the employer how much money to withhold from federal income taxes ________.

• form X2

• form W4

• form Y2

• form X5

Earnings before the deductions are called net income.

• true

• false

The lowest hourly wage employers can pay employees by law are called minimum wages.

• true

• false

Earnings after deductions are called net income.

• true

• false

A payment in exchange for an employee's labor or service is called a trade off.

• true

• false

Payment for work that is expressed as an annual figure is called salary.

• true

• false