| A | B |
|---|
| Payroll | A list of employees and the payments due to each one for a specific pay period. |
| Pay Period | The amount of time over which an employee is paid, such as weekly, biweekly, or monthly. |
| Payroll Clerk | A person who is responsible for preparing the payroll. |
| Gross Earnings | The total amount of money an employee earns in a pay period. |
| 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 specified rate per hour worked |
| Commission | An amount paid to an employee based on a percentage of the employee's sales. |
| Electronic Badge Reader | An identification badge with a magnetic strip that contains employee information used to record starting and ending work hours. |
| Overtime Rate | One and one-half time the employee's regular hourly pay rate. |
| Deduction | An amount that is subtracted from gross earnings. |
| Federal Income Tax | Tax paid to the federal (U.S.) government based on the employee's annual income. |
| Form W-4 | An employee's withholding allowance certificate, showing the number of allowances claimed for federal and state income taxes. |
| Allowance | Reduces the amount of income tax to be withheld |
| Tax Table | Shows the amount of taxes to be withheld from employees each pay period based on filing status. |
| Social Security Tax | Federal Insurance Contributions Act; provides old age and disability insurance. |
| Medicare | Provides health insurance benefits for the elderly. |
| State and Local Income Taxes | Tax on the earnings of people living within a certain area. |
| Voluntary Deduction | Deducted from paychecks according to the wishes of the employee. |
| Net Pay | The amount left over after total deductions are subtraced from gross earnings. "Take-home" pay. |
| Accumulated Earnings | The employee's year-to-date gross earnings. |
| Excise Tax | Tax levied on specific commodities, such as tobacco and liquor. |
| Tariff | A tax on items imported into the country. |
| Quota | A limit on the quantity of a product that may enter a country. |
| Progressive Tax | Tax in which the more a person earns, the greater the tax they pay. |
| Regressive Tax | A tax in which all people pay the same dollor amount. |
| Exempt items | Items on which one does not have to pay state sales tax, such as food. |
| Property Tax | Tax on real estate, such as homes, condos, and land. |
| Personal Property Tax | Taxon items such as cars, trucks, and furniture. |
| Estate Tax | Tax levied by the U.S. Government on property or money transferred from people who have died to their heirs. |
| Inheritance Tax | Tax paid by the heir who receives property or money from a deceased person's estate. |
| Gift Tax | Tax paid by the giver on a gift of money or property valued over $10,000. |
