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PFL Unit 1
Vocabulary for PFL Unit 1
| Term | Definition |
|---|---|
| Want | A nonessential item that is not necessary for survival; for example jewelry, candy and picture frames. |
| Need | An item essential for life; for example food, clothing and shelter. |
| Gross pay | The amount of wages earned by an employee before the appropriate taxes are taken out. |
| Earnings | Hours worked multiplied by the rate of pay; also called gross pay. |
| Direct deposit | An employer sends a worker’s pay directly to their bank account. |
| Taxes | Federal and state dues that are taken out of your check by your employer and paid to the government. |
| Deductions | Money taken out for things other than tax, such as insurance; Some deductions are: health insurance premiums, contributions to a retirement (like a 401K) account, flexible spending account, health savings account, life insurance, and disability insurance. |
| Net pay | The remaining amount of an employee's gross pay after deductions, such as taxes and retirement contributions, are made. |
| Income | Money earned from a job or other sources. |
| Health insurance contributions | The amount of money an employer pays toward an employee’s health insurance premiums. |
| Social security number | A nine-digit number assigned by the federal government to track people’s income and benefit eligibilities. |
| Sick leave | A paid absence from duty for personal medical needs, a death in the family, care of a family member with a serious health condition, and adoption-related purposes; not required but generally offered as an employee benefit. |
| Personal leave | A paid absence from duty for reasons other than illness, such as appointments or errands; not required but generally offered as an employee benefit. |
| Vacation leave | A paid absence from duty for vacation purposes; not required but generally offered as an employee benefit. |
| Paid time off (PTO) | When a company gives employees a bank of days off and allows them to determine how to use them. |
| Vacation pay | Pay for unused vacation days. |
| Federal Insurance Contributions Act (FICA) | A tax paid by workers (through their paychecks) and employers to fund the federal government’s Social Security and Medicare programs . |
| Form W-4 | A form completed by an employee so that the employer can withhold the correct federal income tax from your paycheck. |
| Flexible spending account | Money put aside from the paycheck used for out-of-pocket medical expenses such as co-pays and prescriptions; workers do not pay taxes on this money; there is a maximum amount that you can put in every year and the money cannot be refunded if not used. |
Created by:
joann.roe
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