Unit 2 Vocabulary

4. A person who is hired to work for another person or business
6. The nation’s health care program for the elderly and disabled. This tax provides hospital and medical insurance to those who qualify.
7. The nation’s retirement program. This tax helps provide retirement income for elderly and pays disability benefits.
10. The amount of money earned in one month.
13. A type of retirement plan into which an employee contributes money from each paycheck; employers may also make a contribution
14. A record of the hours an employee works
15. Used to verify the eligibility of individuals to avoid hiring undocumented workers or others who are not eligible to work in the United States
16. The amount required by law for employers to withhold from earned wages to pay taxes.
20. Amount of money received after deductions have been taking
22. The fixed pay for regular work.
23. Reduction in your income tax for each person you support, including yourself

1. The amount of money earned in one week or 7 days
2. Money taken from gross pay for things such as taxes, health, insurance or union dues
3. A federal tax form that shows your income for a year
5. A fee that is sometimes paid for sales work, a commission is usually a percent of the total sale
7. The percentage deducted from an individual’s paycheck to assist in funding government agencies within the state. The percentage of deduction depends upon the amount of gross income the employee has earned.
8. The amount of money earned in one year or 12 months
9. The hours worked beyond the number of hours in the regular work week
11. The amount of money paid for one hour of work.
12. The paycheck stub listing gross pay, deductions and net pay
17. Money paid to the local, state or federal government
18. Amount of money earned by an employee
19. A person or business that gives work to another person.
21. a special account in which you can save and invest money for your retirement without having to pay taxes on the money until a later time