Net Pay Sample Clauses
The Net Pay clause defines how payments are calculated and made after all applicable deductions, such as taxes and withholdings, have been subtracted from the gross amount owed. In practice, this means that the recipient receives only the remaining balance after these mandatory or agreed-upon deductions are taken out, ensuring compliance with legal and contractual obligations. The core function of this clause is to clarify the actual amount payable to a party, preventing disputes over payment calculations and ensuring transparency in financial transactions.
POPULAR SAMPLE Copied 1 times
Net Pay. Net pay for purposes of determining the supplement will be calculated as follows: Employee’s bi-weekly wage less Federal taxes, State taxes, FICA and pension withholding. The supplemental amount will not increase because of a change in the employee’s W-4 form.
Net Pay. An employee who is required to temporarily perform work in a classification paying a higher rate of pay shall receive the higher rate for all hours worked in the higher classification.
Net Pay. Notwithstanding anything elsewhere contained in this agreement the company may select and utilise for time keeping purposes any fractional or decimal proportion of an hour (not exceeding a quarter of an hour) and may apply such proportion in the calculation of the working time of an employee who without reasonable cause promptly communicated to the company, reports for duty after his appointed reporting time or ceases duty before his appointed finishing time. The same formula shall apply for calculation of overtime.