Can Some One Please Explain The Payroll System-

[MCDonald_Murthy]

With an example.

Throw some torch light on these terms:

 

GROSS PAY,

NET TAXES,

BONUS,

PER DIUM,

HOURLY RATE,

YEARTODATE,

COUNTER CREDIT(EXTRA AMOUNT PAID BY EMPLOYER)

W2 (STATE, FEDERAL,MEDICARE, SOCIAL)

W4

 

 

BASICALLY NEED INFO ON THE WHOLE  PAY  ROLL SYSTEM. ANTHA RUN CHESTHUNDU INTHA RUN CHESTHUNDU ANTE EM RUN CHESTHUNDU ENTHOSTHUNDI ENDI KATHA...(CONFUSION CONFUSION)

[BillMarkSteve]

ltt

[ILAQAT_MUFLIYA]

Gross pay-- hourly* hours
Net income --gross - ssn and medicare and 401k and insurance
Net income meeda federal tax and state tax
Per diem-- is what employer can pay you per day for food/lodging when u travel
YTD-- what's ur pay till that date in this year
Counter credit -- not count
W4-- filing status/ # of dependents so it tells how much tax be deducted from ur paycheck..
Experts correct me if any misinformation

[Kickuu]

Gross pay-- hourly* hours
Net income --gross - ssn and medicare and 401k and insurance
Net income meeda federal tax and state tax
Per diem-- is what employer can pay you per day for food/lodging when u travel
YTD-- what's ur pay till that date in this year
Counter credit -- not count
W4-- filing status/ # of dependents so it tells how much tax be deducted from ur paycheck..
Experts correct me if any misinformation

As Expert.. Though Copied.. GP..

[manjunath455]

Ltt

[sundeep]

GROSS PAY = Hours * Hourly Rate

NET TAXES = Gross pay - (Social, Medicare, Federal, state if any, insurances and 401k)

BONUS = Any amount over your salary

PER D/M = per Daily Maintenance (Expenses occurred while fulfilling your job)

YEARTODATE: how much were you paid so far this year.

COUNTER CREDIT(EXTRA AMOUNT PAID BY EMPLOYER): Advance amount paid by employer to employee

W2 (STATE, FEDERAL,MEDICARE, SOCIAL): Yearly income statement

W4: This is where you mention your dependents like spouse, children. Based on this the taxes are deducted

 

Note: Social Security tax is actually 12.4%. So you pay 6.2% and employee pays 6.2%.  If you are self employed you have to pay 12.4%

[manjunath455]

GROSS PAY = Hours * Hourly Rate
NET TAXES = Gross pay - (Social, Medicare, Federal, state if any, insurances and 401k)
BONUS = Any amount over your salary
PER D/M = per Daily Maintenance (Expenses occurred while fulfilling your job)
YEARTODATE: how much were you paid so far this year.
COUNTER CREDIT(EXTRA AMOUNT PAID BY EMPLOYER): Advance amount paid by employer to employee
W2 (STATE, FEDERAL,MEDICARE, SOCIAL): Yearly income statement
W4: This is where you mention your dependents like spouse, children. Based on this the taxes are deducted

Note: Social Security tax is actually 12.4%. So you pay 6.2% and employee pays 6.2%. If you are self employed you have to pay 12.4%

Gp

[SA77HI]

 

GROSS PAY = Hours * Hourly Rate

NET TAXES = Gross pay - (Social, Medicare, Federal, state if any, insurances and 401k)

BONUS = Any amount over your salary

PER D/M = per Daily Maintenance (Expenses occurred while fulfilling your job)

YEARTODATE: how much were you paid so far this year.

COUNTER CREDIT(EXTRA AMOUNT PAID BY EMPLOYER): Advance amount paid by employer to employee

W2 (STATE, FEDERAL,MEDICARE, SOCIAL): Yearly income statement

W4: This is where you mention your dependents like spouse, children. Based on this the taxes are deducted

 

Note: Social Security tax is actually 12.4%. So you pay 6.2% and employee pays 6.2%.  If you are self employed you have to pay 12.4%

 

idokati undaa.. month ki pay raganey ananda padadamey kaani ivanni never checked :(

[BillMarkSteve]