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Music Business Vocab Week 2
Vocabulary on Music Business and legal terms
11
Music
Undergraduate 1
10/26/2009

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Term
AFM
Definition

American Federation of Musicians

One of the oldest entertainment labor organizations in existence today. Based on collective empowerment so that musicians will have a stonger voice in the workplace.


 

Term
AFTRA
Definition

AMERICAN FEDERATION OF RADIO AND TELEVISION ARTISTS

REPRESENTS SINGERS, ACTORS, ANNOUNCERS, AND NEWS BROADCASTERS IN SOUND RECORDINGS, RADIO AND TV PROGRAMS, AND COMMERICIALS SINCE 1937.

Term
RETAINERS
Definition
IN TIMES OF TEMPORARY UNEMPLOYMENT, SUCH AS DURING A BREAK IN A TOUR SCHEDULE, EMPLOYERS WITH LARGE BUDGETS MAY PROVIDE YOU WITH ADDITIONAL BENEFITS SUCH AS A 'RETAINER'.A RETAINER ENABLES YOU TO MAINTAIN AN INCOME WHILE YOUR SERVICES ARE ON HOLD. USUALLY 50% OF WEEKLY SALARY.
Term
WORKERS COMPENSATION INSURANCE
Definition
COVERS MEDICAL EXPENSES AND PAYS YOU AN INCOME WHILE DISABLED
Term
INCOME TAXES
Definition
REQUIRED TO PAY THESE TAXES ON BUSINESS INCOME AND ON OTHER COMPENSATION-WAGES, A PORTION OF PER DIEMS....FOR SERVICES RENDERED
Term
YEAR END REPORTING
Definition
AT THE END OF THE YEAR, YOUR EMPLOYER WILL ISSUE YOU YOUR TAX FORM W2, WHICH INDICATES BOTH YOUR TOTAL INCOME AND THE TOTAL AMOUNT OF TAXES WITHHELD FROM YOUR PAYCHECK DURING THE CALENDAR YEAR.
Term
STATE DISABILITY INSURANCE
Definition
EMPLOYERS WHO RESIDE IN CA, HA, NJ, NY AND RI MUST WITHHOLD STATE DISABILITY INS. PROVIDES BENEFITS IF YOU ARE INJURED OFF THE JOB OR IF YOU BECOME SICK OR PREGNANT.
Term
STATE UNEMPLOYMENT TAXES
Definition
MUST BE WITHHELD(MINUS A FEW STATES), THESE TAXES PROVIDE BENEFITS TO EMPLOYEES WHO ARE LAID OFF OR ARE BETWEEN CYCLES OF SEASONAL WORK.
Term
SOCIAL SECURITY
Definition
WITHHELD FROM PAYCHECKS AS A TAX, PROVIDE RETIREMENT FOR PEOPLE OVER 65. YOU PAY 6.2% OF YOUR INCOME, UP TO MAX OF $97,500 FOR THE YEAR.
Term
MEDICARE
Definition
WITHHELD FROM INCOME AS TAXES, PROVIDE HEALTH INSURANCE FOR PEOPLE OVER 65. TAX IS 1.45% WITH NO LIMIT ON YOUR INCOME.
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