Make the payroll process smoother by learning the basics.
Free, Printable Payroll Terms Cheat Sheet
A digital guide to help you understand the most common terms used by employers and employees throughout the payroll cycle.
- Familiarize yourself with important phrases and acronyms
- Learn about fundamentals, common deductions and exemptions
- Access useful definitions quickly and efficiently
- Simple and straightforward language
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1. Date of Hire
An employee’s official first day working for a company, often the date that a new employee completes his or her new hire paperwork.
2. Exempt Employee
Salaried employees (not hourly) who are not paid overtime rates for any labor over 40 hours per week.
3. Gross Pay
Amount paid to employee before deductions, such as taxes and medical premiums, are taken out.
4. Manual Check
A check created and written by an employer to a client outside of regular payroll processing.
5. FICA
The Federal Insurance Contributions Act, passed in 1935, established a payroll tax on both employees and employers in order to fund important social programs like Social Security and Medicare.
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