Chapter12 Key Terms

Front 1

accumulated earnings

Back 1

are the employees year-to-date gross earnings

Front 2

commission

Back 2

is an amount paid to an employee based on a percentage of the employees sales

Front 3

deduction

Back 3

an amount subtracted from the gross earnings

Front 4

direct deposit

Back 4

depositing net pay directly into an employees personal bank account through electronic founds tansfer

Front 5

electronic badge readers

Back 5

an electronic device that scans the magnetic strip containting employee information on an employees identification badge and then transfers the information directly to a computer

Front 6

employees earning record

Back 6

a record prepared for each employee that contains all payroll information related to the employee

Front 7

gross earnings

Back 7

the total amount of money an employee earns in a pay period

Front 8

net pay

Back 8

the amount left after total deductions have been subtracted from the gross earnings

Front 9

overtime rate

Back 9

pay rate employers are required to pay certain employees covered by state and federal laws

Front 10

pay period

Back 10

the amount of time over which an employee is paid

Front 11

payroll

Back 11

a list of the employees and the payments due to each employee for a specific pay period

Front 12

payroll clerk

Back 12

an employee responsible for preparing the payroll

Front 13

payroll register

Back 13

a form that summerizes information about employees earnings for each pay

Front 14

salary

Back 14

a fixed amount of money paid to an employee for each pay period

Front 15

time card

Back 15

a record of the time an employee arrives at work and leaves, and the total number of hours worked each day

Front 16

wage

Back 16

an amount of money paid to an employee at a specified rate per hour worked