If you’re a business owner with employees, it’s a good idea to know some basic payroll terms, including:Gross pay: The total amount of an employee’s pay before deductionsDeductions: Any money that is withheld from an employee, including taxes, wage garnishments, medical insurance premiums, and retirement plan contributions.Net pay: The amount of money an employee receives after all deductions have been withheldIf you know these terms and how they relate, you’ll have basic payroll knowledge that can help you understand and solve problems that may arise.