Asked by Paolo Ancona on Jul 15, 2024
Verified
The total amount earned before deductions refers to the ________ earnings and must be calculated for each employee as a first step in the payroll process.
Gross Earnings
The total amount of money earned by an individual or business before any deductions or taxes are applied.
Payroll Process
The administrative operation involving the calculation of employees' salaries, withholdings, and deductions, as well as the distribution of their paychecks or electronic payments.
Deductions
Expenses or amounts removed from taxable income, effectively reducing the overall tax liability.
- Develop an understanding of the key aspects of payroll management, including how deductions affect gross and net earnings.
Verified Answer
Learning Objectives
- Develop an understanding of the key aspects of payroll management, including how deductions affect gross and net earnings.
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