| A | B |
|---|
| 401(k) plan | “a voluntary payroll deduction from gross earnings; the employee does not pay income tax on the amount contributed until the money is withdrawn from the plan |
| Accumulated earnings | “The employee’s year-to-date gross earnings.” |
| Commission | “An amount paid to an employee based on a percentage of the employee’s sales” |
| Deduction | “An amount that is subtracted from an employee’s gross earnings.” |
| Direct deposit | “Depositing net pay directly into an employee’s personal bank account through electronic funds transfer.” |
| Electronic badge readers | “An electronic device that scans the magnetic strip containing employee information on an employee’s identification badge and then transfers the information directly to a computer.” |
| Employee’s earnings record | “A record prepared for each employee that contains all payroll information related to the employee; it is kept on a quarterly basis” |
| Gross earnings | “The total amount of money an employee earns in a pay period; also called gross pay” |
| Net pay | “The amount left after total deductions have been subtracted from gross earnings.” |
| Overtime rate | “Pay rate employers are required to pay certain employees covered by state and federal laws.” |
| Pay period | “The amount of time over which an employee is paid” |
| Payroll clerk | “An employee responsible for preparing the payroll.” |
| Payroll register | “A form that summarizes information about employees’ earnings for each pay period.” |
| Piece rate | “a rate of pay based on the number of items produced.” |
| Salary | “a fixed amount of money paid to an employee for each pay period.” |
| Time card | “a record of the time an employee arrives at work |
| Wage | “An amount of money paid to an employee at a specified rate per hour worked.” |
| Withholding allowance | “An allowance an individual claims on a Form W-4; it is used to calculate the amount of income tax withheld from an employee’s paycheck.” |
