Gross Pay

Basic Wage Rate
The basic wage rate is the amount of money paid to an operator for a specified period of work, excluding additional payments such as incentive bonuses, shift premiums, overtime, and other premium payments.
Payroll Deduction
A payroll deduction refers to the reduction of the amounts paid to a worker from their gross earnings to cover various costs, such as taxes, savings, pension contributions, union dues, and insurance premiums. The paycheck reflects the gross pay minus these deductions.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.