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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 2 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.

Bonuses

Money paid by the company for various reasons, such as meeting objectives, productivity incentives, special events (e.g. Xmas

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