What are total earnings?

Payroll Deductions

Flashcard
•
Business
•
9th - 12th Grade
•
Easy
Stephen Burchett
Used 1+ times
FREE Resource
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14 questions
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1.
FLASHCARD QUESTION
Front
Back
Total earnings, also known as gross pay, is the total money paid to an employee during an accounting period, including salary, commissions, and bonuses.
2.
FLASHCARD QUESTION
Front
What are payroll deductions?
Back
Payroll deductions are involuntary and voluntary amounts withheld from an employee’s total earnings, reducing gross pay to arrive at net pay or take-home pay.
3.
FLASHCARD QUESTION
Front
What are involuntary deductions?
Back
Involuntary deductions, also known as mandated or statutory deductions, are required by law and include income tax, Social Security tax, Medicare tax, and other court-mandated garnishments.
4.
FLASHCARD QUESTION
Front
What are voluntary deductions?
Back
Voluntary deductions are optional and include employee benefits such as retirement plans, health insurance, life insurance, and union dues.
5.
FLASHCARD QUESTION
Front
What are pre-tax deductions?
Back
Pre-tax deductions are amounts deducted from an employee’s total earnings before any taxes are withheld, reducing gross pay before taxes are calculated. Examples include health insurance premiums and 401(k) contributions.
6.
FLASHCARD QUESTION
Front
What are post-tax deductions?
Back
Post-tax deductions are amounts deducted from an employee’s earnings after all necessary taxes have been withheld. Examples include Roth 401(k) contributions, union dues, and wage garnishments.
7.
FLASHCARD QUESTION
Front
What is the most common involuntary deduction?
Back
The most common involuntary deduction is for payroll taxes, which include federal income tax, Social Security tax, and Medicare tax.
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