Unit 4 Employement and income Vocabulary

A set of versatile abilities and aptitudes that are applied to a personal and professional roles are transferrable to any job

(a)  

Specific skills that are obtained through formal education, training, and experiences that are needed to perform certain jobs. 

• Qualifications
• Experience
• Certifications
• Hard Skills

Any form of money, property, or services that you earn or receive from any source and subject to Federal and State taxes.

(a)  

A set amount of money an individual earns for work completed. This is paid on a regular basis such as daily or weekly.

A set amount of money earned per pay period. It is usually described as the amount of money made per year.

• Commission
• Salary
• Bonus
• Hourly wage

A specific wage rate based on each hour worked, which is subject to a minimum rate per Federal and State guidelines and requires overtime rate when the number of hours worked exceeds 40 hours per week.

• Commission-based pay
• Hourly wage
• Piece rate payment
• Salary compensation

This is the total amount of money earned before taxes and deductions are taken out of an employee’s paycheck.

(a)  

This is the total amount of money earned after taxes and deductions are taken out of your paycheck.

• Salary after deductions
• Gross pay

• Net pay

• Take-home pay

What is the sigla or acronym for Federal Insurance Contributions Act is a payroll tax on both the employee and employer to pay for Social Security and Medicare.

(a)  

Social Security is :

A payroll tax that pays benefits for people who have retired, disabled people, and dependents of workers who have died.

• Yes

• No