Chapter 10: Payroll

Quota

a minimum amount of sales that is required before a commission is applicable.

Salary-plus commission

a set amount of pay plus an additional amount based on sales.

Piecework rate

amount of pay for each acceptable item produced

Salary

an agreed-upon amount of pay that is not based on the number of hours worked.

Wages

earnings based on an hourly rate of pay and the number of hours worked

Regular pay

earnings based on hourly rate of pay

Overtime pay

earnings based on overtime rate of pay

Commission

earnings based on sales.

Straight commission

entire pay based on sales.

Biweekly

every two weeks or 26 times a year

Monthly

once a month or 12 times a year

Weekly

one a week or 52 times a year.

Differential piece rate (escalating piece rate)

piecework rate that increases as more items are produced.

Straight piecework rate

piecework rate where the pay is the same per item no matter how many items are produced.

Time and a half

standard overtime rate that is 1 1/2 or 1.5 times the hourly rate

Gross earnings(gross pay)

the amount earned before deductions.

Hourly rate or hourly wage

the amount of pay per hour worked based on a standard 40-hour work week.

Net earnings(net pay) or (take-home pay)

the amount of your paycheck

Commission rate

the percent used to calculate the commission based on sales.

Overtime rate

the rate of pay for hours worked that are more than 40 hours in a week.

Semimonthly

twice a month or 24 times a year.