Chap 3 Terms Flashcards
Combination Pay
employee compensation that reflects two or more discrete pay bases durning the same pay period.
Commission
employee compensation paid upon complete of a task, often pertaining to sales-based activities.
Compensatory (Comp) Time
paid time off granted to employee instead of paid overtime
Draw
a loan against future earnings that employees will repay from commissions
8 and 80
a two-week, 80-hour pay period used to determine overtime for employees who works for hospitals and emergency providers
Exempt
an employee who is not subject to the overtime provisions of the FLSA (fair labor standards act)
Gross Pay
the amount of wages paid to an employee based now on performed, prior to any deductions for mandatory or voluntary deductions
Hourly
wage determination based on the number of compete and partial hours during which an employee perform works-related tasks.
Hundredth-hour System
the division of an hour into 100 increments used to compute employee wages as accurately as possible.
ISO
Incentive Stock Options
- a type of employee compensation in which the employee receives a firm’s stock on tax-advantaged basis.
Minimim Wage
the minimum hourly amount that employers may legally pay to employees.
Net Pay
an employee’s wages or salary less all mandatory and voluntary deductions
Nonexempt
an employee who is subject to all overtime provisions of the FLSA; generally, an hourly employee
On-Call Time
the non-work time that an employee is expected to be available for workplace-related emergencies
Overtime
time that an employee works beyond his or her normal working hours.
Payroll Register
a payroll register is the payroll accountant’s internal tool that helps ensure accuracy of employee compensation.
Piece Rate
employee compensation based on the production of unit or completion of an action during a specified time period.
Prove
ensuring that the sum of the rows of the payroll register equals the sum of the columns.
Rule
the accounting practice in which the final totals of financial reports are double-underlined
Salary
a fixed amount paid to an employee on a regular basis, often expressed in annual terms
Sleep Time
employees who are required to be on duty for 24 hours or more may be allowed up to 5 hours of sleep without a reduction in pay.
Time Card
a record of the time worked during a period for an individual employee.
Tip Credit
allow an employer to credit a portion of an employee’s tips toward the employer’s obligation to pay minimum wage
Tipped Employee
an employee who engages in an occupation in which he or she customarily and regularly receives more than $30 per month in tips.
