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Medicare: A federal insurance program that are used people 65 and older. However, some  young people are eligible if they have certain disabilities.

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Social Security:  any government system that provides monetary assistance to people with an inadequate or no income.

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Income Tax: Tax that goes to the government based on your income.

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Form- W4:

A document explaining the amount of tax to withhold from an employee's paycheck based on multiple factors.

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Direct Deposit
the electronic transfer of a payment directly from the account of the payer to the recipient's account.

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Gross Income:
Total revenue received before any deductions or allowances.

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worker compensation is a form of insurance providing wage replacement when someone is injured on a job.

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Employment - The condition of completing a task for monetary compensation

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Pay Period: The defined amount of time in which an employee will receive a paycheck.

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Tax Liability:
Total amount of taxation on a business or an individual

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W4 -  tax form completed by an employee in the United States to indicate his or her tax situation. It  tells the employer the correct amount of tax to withhold from an employee's paycheck based on the employee's situation.

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Dependent: Someone who you   can claim for credits and/or exemptions.

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Salary-
A fixed payment received on a monthly or biweekly basis.

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Payroll Tax: Taxes calculated from the salary of a person

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Pay Stub: A piece of paper given to an employee when they receive their paycheck that states how much of that paycheck went into taxes and how much was earned in total

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Employee Benefits: Perks that you get in addition to your salary/wage. Ex. time off

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Payroll card: Employer puts employees salary onto a card instead of giving them a check. Works like a debit card.

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Medicare:  A health program that subsidizes people who are at 65 or older, have been a resident for five years, and have collected social security within two years.

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Allowance: The amount of something that is permitted, especially within a set of regulations or for a specified purpose.

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Commission:  An amount of money usually a set percentage  paid to an agent in a commercial transaction.

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Net Income: A company's total earnings (after taxes and costs) in a year.

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Social Security:   Federal insurance to assist elderly, disabled people.

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Tax Liability-   refers to the amount legally owed to a taxing authority as the result of a taxable event.  The liability is generally calculated by multiplying the taxable event by the tax rate.

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Paper Paycheck- a paper document (like a check) issued by an employer to pay an employee for services given

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Employer Contributions: Contributions made to an employee's 401K plan. Made from the employee's salary before taxes

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Unemployment Insurance: provides unemployment benefits to worker who are unemployed (temporary financial aid).

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Employee Benefits: non-wage compensation for employees in addition to normal wages or salary

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Paycheck: A check you receive from an employer

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