Personal Finance Comparing and Contrasting Ideas

Hourly Pay

payment for services rendered based on the number of hours worked

Gross Pay

the total amount of an employee's earnings before deductions are taken out

Salary

A fixed amount of money paid to an employee for each pay period.

Semi-Monthly Pay Period

A semi-monthly pay period occurs twice each month, for a total of 24 times each year.

Net Pay

Amount of income left after taxes and deductions have been taken out.

Subsidized Loans vs. Unsubsidized Loans

Direct Subsidized Loans are available only to undergraduate students who have financial needs. Direct Unsubsidized Loans are available to both undergraduates and graduate or professional degree students. You are not required to show financial need to receive a Direct Unsubsidized Loan.

Weekly Pay Period

Pay structure in which employees are paid each week.

Biweekly Pay Period

Pay structure in which employees are paid every two weeks, often on a Friday

Monthly Pay Period

Pay structure in which salaried employees receive 1/12 of their annual salary on the last day of each month