Payroll
Generally a yearly amount
Salary
Taxes that employees and employers must pay based on wages and tips earned and salaries paid to employees
Payroll Taxes
Taxes that are paid to help people 65 years of age and older
Medicare
Time in addition to what is normal
Overtime
This is the lowest tax rate on the Federal Tax Bracket
10%
A business may decide to pay their employee's salaries every week, every two weeks (bi-weekly), or monthly
Pay Period
Amount of money workers are paid per hour, week, etc.
Pay Rate
Current Medicare rate
1.45%
The pay rate that one will receive when working overtime
Overtime Rate or Overtime Pay Rate
This is the highest tax rate on the Federal Tax Bracket
37%
Amounts withheld from an employee's payroll check, and these amounts are withheld by their employer
Payroll Deductions
It is a Abbreviation for the tax that's taken out of workers' paychecks to pay older Americans their Social Security retirement and Medicare benefits
FICA
Current Social Security rate
6.2%
The percentage at which one is lawfully owed overtime pay at
1.5% or "time and a half"
Deductions such as 401k and Meals may fall under this category on a Pay Stub
Other Deductions
Amount of money you (the employee) will receive before any taxes and deductions are taken out
Gross Pay
Money taken by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, and other entities. This is based on the amount earned each year
Federal Income Tax
Used to determine the Federal Income Tax for various wages
Federal Income Tax Bracket
These types of employees are NOT allowed overtime pay
Salaried Employees
Term used to describe a employer's worker
Employee
Amount of pay remaining after deductions have been taken from the individual's gross pay
Net Pay
Tax taken from both employers and employees to fund the Social Security program
Gross pay minus THIS equals Net Pay
All Tax Deductions
This term is used to describe the pay period of someone that gets paid every 2 weeks
bi-weekly
A term to describe an Employee's boss
Employer