Payroll Vocabulary Review

The total amount paid by a business for an employee's work, earned by a wage, salary, or commission.

• Regular Earnings

• Overtime Earnings

• Total Earnings

• Gross Earnings

• Net Earnings

A qualified retirement plan sponsored by an employer.

• 401(k)

• IRA

• Stocks

• Bonds

• Savings

Any amount withheld from a employee's gross earnings.

• Payroll Taxes

• Payroll Deduction

• Payroll Earnings

• Payroll Allowance

• Payroll Withholding

The payment of an employee's net pay using electronic funds transfer.

• EFT

• Payroll Check

• Wage Check

• Pay Period Check

• Direct Deposit

A fixed annual sum of money divided among equal pay periods.

• Commission

• Wage

• Salary

• Overtime

• Total Earnings

A federal tax paid for old-age, survivors, and disability insurance.

• Medicare Tax

• Social Security Tax

• 401(K)

• IRA

• Life Insurance

An accounting form that summarizes the earnings, deductions, and net pay of all employees for one pay period.

• Voucher

• Payroll Check

• Employee Earnings Record

• Payroll Register

• Tax Form

The total amount earned by all employees for a pay period.

• Salary

• Wage

• Commission

• Payroll

• Earnings

Taxes based on the payroll of a business.

• Medicare Tax

• Social Security Tax

• Federal Taxes

• State Taxes

• Payroll Taxes

A device used to record the dates and times of every employee's arrivals and departures.

• Time Card

• Time Clock

• Payroll Register

• Employee Earnings Record

• Voucher