Basic IncomeBasic Income
BonusBonus
CommissionCommission
Direct DepositDirect Deposit
Earned IncomeEarned Income
Exempt vs. Non-Exempt StatusExempt vs. Non-Exempt Status
Fringe BenefitsFringe Benefits
Gross IncomeGross Income
Gross PayGross Pay
Incentive PayIncentive Pay
Living WageLiving Wage
Merit IncreaseMerit Increase
Net IncomeNet Income
Net PayNet Pay
Pay FrequencyPay Frequency
Pay StubPay Stub
Payroll DeductionPayroll Deduction
Profit SharingProfit Sharing
Salary NegotiationSalary Negotiation
Salary SlipSalary Slip
Side HustleSide Hustle
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Payroll Deduction

Definition

An automatic withdrawal from your paycheck for expenses such as taxes, insurance, or retirement contributions.

What to consider

  • Check your deductions regularly to ensure they’re accurate.
  • Understand how they impact your take-home pay.
  • Adjust them if your personal financial situation changes.

Real world scenarios

  • Every month, Grace’s employer set up a payroll deduction that automatically transferred a portion of her salary to her retirement fund.

Related terms

Net Income
Salary Negotiation
Merit Increase
Side Hustle
Salary Slip

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