Term | Definition |
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. |