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What are some important payroll words to understand?
- Wages withdrawn from an employee’s salary to pay taxes, benefits, and other mandatory items or voluntary contributions
- Gross salary: Before taxes and deductions, total pay
- Gross pay: After taxes and deductions are deducted from wages, take-home pay is calculated.
- All monetary and non-monetary payments, including the value of benefits, received by an employee are referred to as compensation.
- 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.