Pay check
An official form issued by a company which
can be cashed at designated financial institutions
Pay stub
Basically a receipt for record-keeping. Identifies
all of the items and amounts used in calculating the final amount of the pay
check
Pay period
The time covered between pay checks.Can be
daily(rare),weekly,monthly ,bi-weekly(every two weeks),or bi-monthly(twice a
month,usually in the middle and end of the month)
Pay rate
An agreed amount that the company pays per
unit of time worked or unit of work done
Gross
The base employee income for a specified
period , based on pay rate.Can be:
Salary( a fixed
amount,daily/weekly/monthly,which is adjusted based on number of days
worked/not worked)
Wage(an hourly rate adjusted for the number
of hours worked)
Piece(a certain amount for each unit of
work done)
The gross income can also be adjusted for
items such as commissions and bonuses
Commissions
Money earned on a regular basis based on
previous sales made