Chapter 12 Vocabulary

A qualified retirement plan sponsored by an employer. Fill in the blank: __________

The total gross earnings year to date for an employee. Fill in the blank: __________

The amount of total income minus adjustments, reported on Form 1040. Fill in the blank: __________

A method of paying an employee based on the amount of sales the employee generates. Commissions are normally calculated as a percent of an employee’s sales. Fill in the blank: __________

The payment of an employee’s net pay using electronic funds transfer. Fill in the blank: __________

A business form used to record details of an employee’s earnings and deductions. Fill in the blank: __________

A qualified retirement plan that provides most individuals with a deferred federal income tax benefit. Fill in the blank: __________

A federal tax paid for hospital insurance. Fill in the blank: __________

Earnings paid to an employee after payroll taxes and other deductions. Fill in the blank: __________

The number of days or weeks of work covered by an employee’s paycheck. Fill in the blank: __________