Payroll

Wage

• Number of days of weeks of work covered by an employee's paycheck

• Total amount earned by all employees for a payroll period

• Amount paid to an employee for every hour worked

• A fixed sum of money divided among equal pay periods

Salary

• Number of days of weeks of work covered by an employee's paycheck

• Total amount earned by all employees for a payroll period

• Amount paid to an employee for every hour worked

• A fixed sum of money divided among equal pay periods

Pay Period

• Number of days of weeks of work covered by an employee's paycheck

• Total amount earned by all employees for a payroll period

• Amount paid to an employee for every hour worked

• A fixed sum of money divided among equal pay periods

Payroll

• Number of days of weeks of work covered by an employee's paycheck

• Total amount earned by all employees for a payroll period

• Amount paid to an employee for every hour worked

• A fixed sum of money divided among equal pay periods

Payroll taxes

• A deductions from total earning for each person legally supported by taxpayer and employer

• Total amount earned by all employees for a payroll period

• Taxes based on payroll of a business (required by law)

• A fixed sum of money divided among equal pay periods

Withholding allowance

• A deductions from total earning for each person legally supported by taxpayer and employer

• Total amount earned by all employees for a payroll period

• Taxes based on payroll of a business (required by law)

• A fixed sum of money divided among equal pay periods

Which one of these is not a way for a Company to do their payroll?

• Outsource

• Software

• Employer does themselves

• Employee does it themselves

What form must be provided yearly by your employer to each employee showing the total salary earned and the taxes withheld?

• W2

• W3

• W6

• W5

Gross income

• Individual earnings after taxes, garnishments and contributions

• An individual's income before taxes and adjustments

Net Income

• Individual earnings after taxes, garnishments and contributions

• An individual's income before taxes and adjustments