Professional Documents
Culture Documents
Career & Life Terms
Career & Life Terms
1st hour
4-6-15
Life terms
401K- In 1978, section 401k of the Internal Revenue Code authorized the use of a new
type of defined contribution plan that allows for the employee to make pre-tax
contributions to the plan. Employee 401k contribution is automatically deducted from
their paycheck each pay period.
Retirement- The action or fact of leaving one's job and ceasing to work.
Taxes- An account comprised of taxes that must be paid to the government within one
year. Income tax payable is calculated according to the prevailing tax law in the
company's home country.
Life insurance- Insurance that pays out a sum of money either on the death of the insured
person or after a set period.
Health insurance- A type of insurance coverage that pays for medical and surgical
expenses that are incurred by the insured. Health insurance can either reimburse
the insured for expenses incurred from illness or injury or pay the care provider directly.
Career terms