Payroll 101 Exit Slip

Front

The total earnings paid to an employee after payroll taxes and other deductions is referred to as _______.

Back

net pay

Front

Employee regular earnings are calculated as: regular hours times regular rate, total hours divided by regular rate, total hours plus overtime rate, overtime hours minus overtime rate

Back

regular hours times regular rate

Front

The withholding allowance of an employee affects

Back

federal income tax withheld

Front

Total earnings are sometimes referred to as gross pay.

Back

True

Front

The larger the number of withholding allowances claimed, the larger the amount of income tax withheld.

Back

False

Front

An amount of money paid to an employee as a specified rate per hour worked is called a(n)

Back

wage

Front

An amount paid based on a percentage of the employee’s sales is known as a(n)

Back

commission

Front

1½ times the employee’s regular hourly pay rate is called

Back

overtime

Front

An amount paid to an employee divided by the number of pay periods is a

Back

salary

Front

An amount subtracted from gross earnings is commonly referred to as a

Back

deduction