Which term describes gross pay? (2024)

Which term describes gross pay that is calculated?

Which term describes gross pay that is calculated based on the number of hours an employee has worked? hourly wage. Joan's gross pay is $400, from which $24.80 is deducted for FICA, $5.20 for Medicare, and $45 for income tax. What is her net pay? $325.

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What is the meaning of gross pay?

Subscribe now. Gross pay is what employees earn before taxes, benefits and other payroll deductions are withheld from their wages. The amount remaining after all withholdings are accounted for is net pay or take-home pay.

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Which term describes gross pay that is calculated based on the number of hours an employee has worked a salary by hourly wage c overtime?

Straight-time pay is the total amount of money you earn in a given pay period. It is calculated based upon your hourly rate of pay. To determine your straight-time pay, multiply the number of hours you worked by your hourly rate. Find the straight-time pay.

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How do we calculate the gross pay?

How to Calculate Gross Pay
  1. Gross Pay = Annual Salary Amount / Number of Pay Periods.
  2. Gross Pay = Hours Worked in a Pay Period * Hourly Rate (+ Overtime Hours * Hourly Overtime Rate)
28 May 2021

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What is an example of gross pay?

To compute the gross pay of employees with an annual rate, divide the total amount of yearly pay by the number of pay periods within a year. For example, if the employee's annual pay is $12,000 and there are 24 pay periods in a year, their gross pay per period is $500. Other pay or benefits should be added.

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Is basic pay same as gross pay?

The base level of money an employee receives is their basic pay. This is the minimum amount an employee can expect to receive from their salary, after tax and before any bonuses. Basic salary is not the same as gross salary – gross salary is the total of all the money you are being paid for doing your job.

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Which account represents the employees gross pay?

Expense accounts such as salaries or wages expense are used to record an employee's gross earnings and a liability account such as salaries payable, wages payable, or accrued wages payable is used to record the net pay obligation to employees.

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What is meant by base salary?

Basic salary is the salary paid to an employee before any additions or reductions to the overall compensation, such as investments, dues, overtime pay or a bonus. Base salary is a fixed amount of money paid to an employee by an employer in exchange for the man hours put to work.

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How do you calculate gross pay from hourly rate?

If an individual worked 40 hours in a given period and earned $20 per hour, the calculation would be:
  1. Hours worked in pay period x hourly pay rate = gross pay per pay period.
  2. 40 hours x $20 per hour = $800 gross pay per pay period.
  3. Annual salary/number of pay periods = gross pay per pay period.

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What is basic and gross?

Gross includes bonuses, overtime pay, holiday pay, etc. Basic salary is the amount agreed upon by an employer and employee excluding overtime or any other extra compensation. Gross salary, on the other hand, is the amount paid before tax or other deductions but includes overtime pay and bonuses.

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What is your net pay?

Net pay means take-home pay or the amount employees earn after all payroll deductions are subtracted from their gross pay.

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What is base and net salary?

When a job is advertised, the salary offered is usually listed as the gross pay. This is also sometimes known as your base salary, and excludes any short or long-term incentives or benefits. Net pay is the money left once taxes and deductions have been taken out of your gross pay.

Which term describes gross pay? (2024)
What is the meaning of gross monthly income?

Gross income for an individual—also known as gross pay when it's on a paycheck—is an individual's total earnings before taxes or other deductions. This includes income from all sources, not just employment, and is not limited to income received in cash; it also includes property or services received.

Why is base salary?

Your base salary is the minimum amount that you will be paid in exchange for your work. It may be expressed as an hourly rate or as a weekly, monthly, or annual salary. This is calculated before taxes or benefits or other deductions, so the agreed-upon rate may not be exactly what you are paid.

Where is the gross pay on a pay stub?

Gross pay or earnings usually appears at the top of the pay stub, while net pay appears towards the bottom, typically after a list of your employee's payroll deductions.

What term describes hourly pay?

The correct answer is c.

The term that describes this type of hourly income is wage.... See full answer below.

What is the term for hourly income?

wage. (redirected from Hourly Wages) Also found in: Thesaurus, Legal, Financial, Encyclopedia.

How is the overtime calculated Is it upon the basic salary or the gross salary?

If the nature of the work requires the worker to work beyond the normal working hours, then he will be entitled to a pay equal to normal working hours' remuneration (which is based on basic salary) plus 25 per cent of that pay. It could increase to 50 per cent if overtime is done between 10 pm and 4 am.

Is overtime considered when calculating gross pay?

It is the total amount you as the employer owes the employee for work during one pay period. Gross pay includes regular hourly or salaried pay and it also includes any overtime paid to the worker during the pay period.

What is hourly vs salaried?

Salaried workers earn a preset sum each pay period that isn't determined by how many hours they work each week. Hourly workers get paid a per-hour rate, so their paychecks are based specifically on the number of hours they work.

What is minimum pay called?

The federal minimum wage provisions are contained in the Fair Labor Standards Act (FLSA). The federal minimum wage is $7.25 per hour effective July 24, 2009. Many states also have minimum wage laws.

What are two terms for income?

Synonyms of income
  • revenue.
  • profit.
  • earnings.
  • return.
  • proceeds.
  • incoming(s)
  • yield.
  • gain(s)

Who is called as wages?

A wage is payment made by an employer to an employee for work done in a specific period of time. Some examples of wage payments include compensatory payments such as minimum wage, prevailing wage, and yearly bonuses, and remunerative payments such as prizes and tip payouts.

What is overtime pay in salary?

OT pay describes the additional pay given to employees who render work beyond eight hours.

How many days can you work without day off?

You can't work more than an average of eight hours in a 24-hour period. The maximum you can work per average week is 48 hours. You are entitled to a 24-hour rest day each week, leaving six days when you can legally work.

How is base pay different from overtime?

Basic salary is a rate of pay agreed upon by an employer and employee and does not include overtime or any extra compensation. Gross salary, however, is the amount paid before tax or other deductions and includes overtime pay and bonuses.

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