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What are some important payroll words to understand?

  1. Wages withdrawn from an employee’s salary to pay taxes, benefits, and other mandatory items or voluntary contributions 
  2. Gross salary: Before taxes and deductions, total pay
  3. Gross pay: After taxes and deductions are deducted from wages, take-home pay is calculated.
  4. All monetary and non-monetary payments, including the value of benefits, received by an employee are referred to as compensation.
  5. Paycheck stub: A summary document that shows the factors that were used to compute an employee’s pay for a specific period of time, such as the number of hours worked, the rates paid for those hours, tax and benefit deductions, and so on.
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