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Chapter 12
| Term | Definition |
|---|---|
| Payroll | A list of the employee and the payments due to each employee earnings for each pay period |
| Pay period | The amount of time over which an employee is paid |
| Payroll clerk | An employee responsible for preparing the payroll |
| Gross learning | The total amount of money an employee earns in a pay period also called gross pay |
| Salary | A fixed amount of money paid to an employee for each pay period |
| Wage | An amount of money paid to an employee at a specific rate per hour worked |
| Time card | A record of the time an employee arrives at work leaves work and the total number of hours worked each day |
| Electronic badge readers | Electric device that scans the magnetic strip containing employee information on an employee s identification badge and then transfers the information directly, to a computer |
| Commission | An amount paid to an employee based on a percentage of the employee sales |
| Piece rate | Rate of pay based on the number of items produced |
| Overtime rate | Pay rate employee are required to pay certain employees covered by state amd ferdal laws the fair labor standards act of 1938 set the rate at 1 1/2 times the regular hour rate after 40hpurd worked |
| Accumulated earnings | The employee year to date gross earnings |
| Deduction | An amount that is subtracted from an employees gross earnings |
| Direct deposit | Depositing net pay directly into an employee personal bank account through electronic funds transfer |
| Employees earnings record | Record prepared for each employee that contains all payroll information related to the employee |
| 401k plan | Taxable income is reduced by the amount of the contribution |
| Net pay | The amount left after total deductions have been subtracted from gross earning |
| Payroll register | A form that summarizes information about employees earnings for each pay period |
| Withholding allowance | Allowance an individual claims on a form w-4 usually calculates the amount of income tax withheld from an employees check |
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