Payroll and Deductions Flashcard

Front

What is a pay period?

Back

the number of days an employee works and is paid for each paycheck

Front

What is gross pay?

Back

the amount of money earned before any deductions are subtracted

Front

Which of these is an optional/voluntary deduction? healthcare insurance, state income tax, Social Security tax, Medicare tax

Back

healthcare insurance

Front

A fixed amount of money per year paid to an employee to do a job is known as a _____?

Back

salary

Front

What is the difference between gross pay and net pay?

Back

Gross pay is the total earnings before deductions, while net pay is the amount after deductions.

Front

Deductions are amounts taken out of a worker’s paycheck. How do they affect the paycheck?

Back

They decrease the total amount received.

Front

__________ is time worked beyond an employee’s regular hours.

Back

overtime