Getting Paid

In Glogpedia

by ShaniaMarie
Last updated 6 years ago

Discipline:
Social Studies
Subject:
Economics
Grade:
9

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Getting Paid

Getting Paid

What are the three methods of payment?

Paper PaycheckYour employer authorizes you a check written to you with the amount of money you have earned. You can cash in your paycheck or deposit it in a depository institution account.

Direct DepositMoney you have earned is directly put into your depository institution account; you are typically given a receipt or paystub on payday. This method is more secure than a paper paycheck.

Payroll CardA payroll card is a reloadable debit card; usually used when one does not have a traditional deposit account. Funds are automatically deducted & any fees paid vary. A list of fees is important to obtain before using a payroll card.

A salary is compensation paid to an employee by their employer in return for work performed; commonly paid at fixed intervals.

Commission is a fee that salespeople receive upon a completion of a sale; motivational system to encourage one to sell more.

Employment is an agreement between an employer and their employee. Employer hires an employee to provide services at a job. Agreements can be written, verbal, or implied.

What is a salary?

What is commission?

What is employment?

A. Employee InfoB. Gross IncomeC. Hours & EarningsD. Gross IncomeE. DeductionF. Employer ContributionsG. Net Income H. Employee Leave Balances

Here is a video about gross income, deductions, and net income. It's a bit long.

Video of federal income taxes and payroll taxes!

Pay Stub Example


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