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level: Part two

Questions and Answers List

level questions: Part two

Question	Answer
What is the term used to describe money paid to employees on a weekly or monthly basis that is fixed for an annual period?	Salary
What is the name for the records of all salaries paid to staff, including taxes, deductions, etc?	Payroll
What is the term used to describe services that are offered to employees, such as pensions or healthcare?	Benefits
What is the term used to describe an employee's pay before deductions?	Gross Pay
What is the term used to describe an employee's pay after deductions?	Net pay
What is the word used to describe hours worked beyond what is in an employee's contract?	Overtime
What is the term used to describe an employee's pay that is paid on an hourly basis?	Hourly pay
What number must all UK residents must have in order to work, get paid and make contributions in the UK?	National Insurance
What is the name of the Government body that oversees the payment of taxes and employee contributions?	HMRC
What is the name for the section of HMRC that covers employee contributions via a company/business?	PAYE
What is the name for the minimum amount of sick pay an employee is entitled to, per week?	Statutory
What is the name of the pension scheme that all employers must provide for their employees?	Auto-enrolment Pension
What is the name of the code, provided by HMRC, that allows an employer to work out how much tax an employee must pay?	Tax code
What is the name of the deduction paid by some employees to reimburse costs for higher education, such as university courses?	Student loan
What is the total minimum contribution to a company pension, as of April 2019?	8%