Vocabulary Flashcard on Payroll Terms

Front

What does salary refer to?

Back

Fixed regular payment, not based on hours worked

Front

What does gross pay mean?

Back

Total earnings before any deductions

Front

What is a deduction on a paycheck?

Back

Money subtracted for taxes, insurance, retirement, etc.

Front

What is a paystub?

Back

A record showing the details of an employee's pay for a specific period.

Front

What is an hourly wage?

Back

Payment per hour worked

Front

What is a commission?

Back

Payment for sales or tasks, in addition to regular pay

Front

What does overtime refer to?

Back

Extra hours worked beyond regular hours, at a higher rate

Front

What is net pay?

Back

Earnings after all deductions, what the employee actually receives

Front

What does earnings refer to?

Back

Total payment received for work, including wages, salary, and bonuses

Front

What are benefits?

Back

Non-monetary perks like health insurance and paid time off