WHAT IS PAYROLL ACCOUNTING?
gross wages hours worked times the hourly rate of pay; amount earned before taxes. gross salaries compensation before taxes usually involving executives, managers, and some office personnel. overtime usually the hours worked in excess of 40 hours per week. overtime premium the amount in excess of the straight-time hourly rate of pay; the “half” in “time and a half.” withholdings amounts deducted from employees’ gross wages and salaries. ( ESI, EPF, LWF,TDS etc ) net pay gross wages or salaries minus withholdings; take home pay; amount the employee clears.
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