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Chapter 12
| Term | Definition |
|---|---|
| payroll | is a list of employees and the payments due to each employee for a specific pay period |
| pay period | is the amount of time over which an employee is paid |
| payroll clerk | responsible for preparing the payroll |
| gross earnings | the total amount of money an employee earns in a pay period |
| salary | is a fixed amount of money paid to an employee for each pay period |
| wage | is an amount of money paid to an employee at a specified rate per hour worked |
| time card | is a record of the times an employee arrives at work and leaves each day |
| electronic badge readers | computer technology to track employee arrival and departure times |
| commission | is an amount paid to an employee based on a percentage of the employee's sales |
| piece rate | manufacturing companies pay employees a specific amount of money for each item the employee produces |
| overtime rate | set by Fair Labor Standards Act of 1938 is 1.5 times the employees's regular hourly pay rate |
| deduction | an amount subtracted from gross earning |
| withholding allowance | reduces the amount of income tax to be withheld |
| 401(k) plan | is a popular voluntary payroll deduction - employee doesn't pay income tax on earnings contributed to the plan until the money is withdrawn from it, usually after age 59 1/2 |
| payroll register | is a form that summarizes info about employee's earnings for each pay period |
| net pay | is the amount left after total deductions have been subtracted from gross earnings |
| direct deposit | is the net pay electronically in the employee's personal bank account |
| employee's earnings record | contains all of the payroll info related to an employee |
| accumulated earning | are the employee's year-to-date gross earnings |
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justinjurado
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