Asked by: Zsuzsanna Biropersonal finance personal taxes
What is the term for the total amount of money an employee earns in a pay period?
Last Updated: 10th June, 2020
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Then, what is a net pay deduction?
Your full pay before any tax or NationalInsurance has been taken off. The total amount of take-homepay after deductions. This is called your netpay. The amounts of any deductions that change frompayday to payday, known as variable deductions. For exampletax and National Insurance, and what the deductions arefor.
Likewise, how does net pay work? Net Pay. Net pay is the total amount ofmoney that the employer pays in a paycheck to an employee after allrequired and voluntary deductions are made. To determinenet pay, gross pay is computed based on how anemployee is classified by the organization.
Subsequently, one may also ask, are gross earnings of an employee who is paid a flat amount per week or month regardless of the hours worked in a period?
Salaried employees are often paidsemi-monthly (e.g., on the 15th and last day of themonth) or bi-weekly (e.g., every other Friday) andtheir salaries are often stated as a gross annualamount, such as "$48,000 per year."
Are the year to date gross earnings of an employee?
YTD is calculated based on your employees'gross incomes. Gross income is the amount anemployee earns before taxes and deductions are taken out.YTD can also include the money paid to your independentcontractors.