Paycheck Terms

Front

The total amount of income and benefits you receive for doing your job

Back

Compensation

Front

Type of compensation where it is a set hourly dollar amount

Back

Wage

Front

Type of compensation where you work more than 40 hours in a week and you get paid 1.5 times your normal hourly rate

Back

Overtime

Front

Type of compensation where you are paid a set amount regardless of how many hours you work

Back

Salary

Front

Compensation in ways other than cash or a paycheck

Back

Fringe Benefits

Front

Total amount of money you earn before taxes or other withholdings are taken out.

Back

Gross Pay

Front

Certain items, like taxes, retirement, health care that are withheld from your paycheck.

Back

Deductions

Front

The amount you actually take home each week.

Back

Net Pay

Front

Taxes held by your employer, that are paid to federal, state, and local governments. (REQUIRED)

Back

Income Taxes

Front

Raise based on the quality and amount of work. May not be given to all employees

Back

Merit Raise