WORKPLACE VOCABULARY 2

Insurance, Dependable, Time card, W-4 and W-2

INSURANCE

A contract for providing for financial protection against a loss. A person agrees to pay the premium for a guarantee that they will be compensated under certain conditions for

loss, damage, illness, etc

DEPENDABLE

Worthy of being depended on. Reliable. Consistent in performance or behavior.

TIME CARD

A card on which the hours worked by an employee are recorded. Many today are

electronic and are kept track of by a computer system.

W-4

This is the form used to figure

out the amount of income tax

to have withheld from

your paycheck, which is called

your withholding

allowance. You are required to fill these out

when beginning a

new job.

W-2

Sometimes called a Wage and Tax

Statement, this is a form that your

employer gives you, and files with the IRS at the end of the year stating

how much you were paid and the

amount of taxes that were withheld from your wages.