Employment and Compensation Terms

hourly wage

• the amount of money an employee is paid per hour

• a fixed salary paid monthly

• the total earnings of an employee in a year

• the amount of money an employee is paid for overtime work

annual salary

• the amount of money an employee is paid per year

• the total earnings of an employee including bonuses

• the hourly wage multiplied by hours worked

• the amount deducted from an employee's paycheck for taxes

pay schedule

• the number of times per year an employee is paid

• the total amount an employee earns in a year

• the frequency of employee promotions

• the amount deducted from an employee's salary for taxes

paycheck

• a check for salary or wages from an employer to an employee

• a document that outlines an employee's job responsibilities

• a form used to request time off from work

• a summary of an employee's performance review

overtime

• hours worked more than the scheduled amount

• extra pay for working on weekends

• time off given for extra hours worked

• a type of employee benefit

Medicare

• federal health insurance for people 65 and older

• a private insurance plan for young adults

• a government program for low-income families

• a health service for veterans

401(k)

• a retirement savings plan tied into the stock market offered by some employers

• a type of insurance policy for retirement

• a government-sponsored pension plan

• a savings account with tax benefits

Social Security

• retirement benefits for people 62 and older, or for younger people who are unable to work

• a program that provides unemployment benefits to all workers

• a tax system for funding public education

• a health insurance program for children

Federal Income Tax

• a deduction from an employee's paycheck based on income that goes to the U.S. government

• a tax on goods and services purchased by consumers

• a fee paid to the state for vehicle registration

• a tax levied on corporate profits

wage theft

• the failure of an employer to pay an employee for hours worked.

• the practice of paying employees less than the minimum wage.

• the act of an employee stealing from their employer.

• the process of an employer overworking employees without compensation.