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Pay, Wages, Income

Pay, Wages, Income Test Review

TermDefinition
Deductions Amounts, both required and optional, subtracted from gross pay
Net Pay Gross Pay minus deductions; also known as take home pay, disposable income
W-2 A form shows wages, salaries, tips, and taxes for a given year that is mailed out by the employer by January 31.
W-4 A form you complete when you start a new job which shows the number of deductions.
Taxable Income Wage, or the amount of money you earn per unit of time, such as an hour or a week
Overtime Pay One and a half times the regular pay
Exemption A tax payer’s claim on a tax return for each person dependent on the taxpayer’s
Gross Pay Total amount you earn before deductions are subtracted.
YTD Year to Date Amount
Pay Period A recurring length of time over which employee time is recorded and paid.
Wage A fixed hourly rate of pay.
Benefits Forms of employer compensation in addition to pay.
April 15 Deadline for filing income taxes
January 31 Deadline for employers to send out W-2 forms
1040EZ Tax form used for filing for usual first time tax payers
Telecommuting A work model that allows employees to work offsite and remain in contact with their employers through technology
Job Rotation A job design in which employees are trained to do more than one specialized task
Job Sharing A job design in which two people share one full-time position.
Created by: LCouts