What does retro Reg hrs mean?

retroactive pay
Retro pay, or retroactive pay, is compensation you owe an employee for work performed during a previous pay period. The difference between what an employee should have received and what you paid them is the amount of a retro payment. Retro pay differs from back pay.

What does retro mean on Paystub?

The definition of retro pay (short for retroactive pay) is compensation added to an employee’s paycheck to make up for a compensation shortfall in a previous pay period. This differs from back pay, which refers to compensation that makes up for a pay period where an employee received no compensation at all.

What is retro adjustment?

A retro adjustment is a change made to a timecard after it has been transferred to other applications.

What does basic pay retro mean?

Back to Payments > Retro. Retro stands for ‘Retrospective Pay’ – either money owed to you for a past underpayment, or money you owe to KCC for a past overpayment, when back-dated changes are made to your payroll record.

Do you have to put total hours worked on your pay stub?

Total Hours. Employers must list the total number of hours the employee worked on the pay stub. This information is not required, however, if the employee’s compensation is based solely on a salary and the employee is considered “exempt” under California law.⁠ 7

How to calculate retro pay for an employee?

To provide the correct retro pay, you must multiply the difference of $291.67 by 2. You owe the employee $583.34 in retro pay. Remember, retro pay is subject to employment taxes. The amount you owe the employee in gross wages is not the amount they will take home.

What are the requirements for a wage stub in California?

The wage statement must describe the range of dates that it covers, and must list the date that it was issued. Gross Pay. An employee’s gross pay is the total amount of the employee’s wages before any deductions are made. It includes all pay that California law defines as a wage. The definition of “wage” is explained below. Total Hours.

When do you need to use retroactive pay?

Retroactive pay is used to correct the rate of pay or salary for a historical period. Back pay is used to correct missed bonuses, missed regular hours worked, or missed overtime hours worked. If you gave your employee a raise but forgot to input it into the system, you would owe them retroactive pay.