Unit 16: Vocabulary

Please study the 20 vocabulary terms from Unit 16: Payroll. Then continue to the activities.
ad hoc
for a particular purpose or need
As well as regular reports the CFO often demands ad hoc reports when the need arises.
a printed form, used instead of money to make payments from a bank account
John didn’t provide his bank details in time for the transfer to be made, so he was paid by check instead.
a system of payment based on a percentage of the value of sales, business generated
Commission is a common incentive in the sales sector as it encourages employees to sell more.
the combination of payments and other benefits which employees receive
Large multinational companies can usually offer better compensation packages than small companies.
reduce or limit
The company is trying to curb spending, so all salaries have been frozen.
a fixed point, date or level at which you stop including things
The cutoff date for registration is the 30th September, so make sure you apply before then.
fringe benefits
an extra thing which is given to you by an employer
The company's package of fringe benefits includes: company car, pension plan and private health insurance.
deduction of income or property from someone who owes a debt
After garnishment for alimony and child support, he was left with just enough to pay his rent.
time worked in addition to your usual job hours
Approval must be given for all overtime worked.
the act of paying back money which is owed
Remember to keep all receipts for fuel purchased with your own money for reimbursement at the end of the month.
needed for a particular purpose or result
A masters degree is requisite to apply for the job.
ROI (return on investment)
The yearly, monthly profit on an activity when compared to the invested capital
Most companies require a 20% yearly return on investment for the investment to be considered.
Detailed and careful
I want a rigorous financial analysis of the budget.
A fixed amount of money agreed every year as pay for an employee
His basic monthly salary is $1700 but this is subject to bonuses.
to say or write something officially
The regulations state that all employees must hold a valid driving license.
decided, controlled or required by law
All companies are obliged to pay statutory sick pay, but many pay above this.
tax code
A set of numbers and letters used to show the amount of income tax that an individual should pay
The higher the numbers in your tax code, the more tax-free income you have.
tied to
closely connected with, or reliant on
The bonus system is tied to company profits, so if we have a bad year there won’t be any bonuses.
an amount of money that is paid every week to an employee for their work for each hour worked
Most countries have minimum wages but there are still companies paying less than that.
worked out
calculated, found the answer to
One of the advantages of the computerized system is that it works out the tax due automatically.
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