diff --git a/README.md b/README.md
index 65361d393a..af4d3b1676 100644
--- a/README.md
+++ b/README.md
@@ -3,7 +3,7 @@
 [![Build Status](http://img.shields.io/travis/gratipay/gratipay.com/master.svg)](https://travis-ci.org/gratipay/gratipay.com)
 [![Open Bounties](https://api.bountysource.com/badge/team?team_id=423&style=bounties_received)](https://www.bountysource.com/teams/gratipay/issues)
 
-[Gratipay](http://gratipay.com) provides payments and payroll for open work,
+[Gratipay](http://gratipay.com) provides payments and payouts for open work,
 in order to cultivate an economy of gratitude, generosity, and love.
 If you'd like to learn more, check out <https://gratipay.com/about>.
 If you'd like to contribute to Gratipay, check out <http://inside.gratipay.com>.
diff --git a/gratipay/billing/exchanges.py b/gratipay/billing/exchanges.py
index c4dec31f6e..0b2ed6856d 100644
--- a/gratipay/billing/exchanges.py
+++ b/gratipay/billing/exchanges.py
@@ -203,7 +203,7 @@ def get_ready_payout_routes_by_network(db, network):
                 p.status_of_1_0_payout='pending-payout'
 
 
-                ----- TODO: Include members on payroll once process_payroll is implemented
+                ----- TODO: Include team members once process_takes is implemented
 
                )
     """, (network,))
diff --git a/gratipay/models/participant/__init__.py b/gratipay/models/participant/__init__.py
index cdc4d76884..81f66d6cf3 100644
--- a/gratipay/models/participant/__init__.py
+++ b/gratipay/models/participant/__init__.py
@@ -1,4 +1,4 @@
-"""Participants on Gratipay give payments and take payroll.
+"""Participants on Gratipay give payments and take payouts.
 """
 from __future__ import print_function, unicode_literals
 
@@ -1575,7 +1575,7 @@ def to_dict(self, details=False, inquirer=None):
 
         # Key: taking
         # Values:
-        #   3.00 - user takes this amount in payroll
+        #   3.00 - user takes this amount from teams
         output['taking'] = str(self.taking)
         output['ntaking_from'] = self.ntaking_from
 
diff --git a/gratipay/models/participant/mixins/identity.py b/gratipay/models/participant/mixins/identity.py
index ae9b0268f7..50349a2046 100644
--- a/gratipay/models/participant/mixins/identity.py
+++ b/gratipay/models/participant/mixins/identity.py
@@ -27,7 +27,7 @@ class IdentityMixin(object):
     A participant may have zero or more national identities on file with
     Gratipay, with at most one for any given country at any given time. When at
     least one of a participant's national identities has been verified, then
-    they may join the payroll of one or more Teams.
+    they may join one or more Teams.
 
     Since national identity information is more sensitive than other
     information in our database, we encrypt it in the application layer before
diff --git a/gratipay/models/team/__init__.py b/gratipay/models/team/__init__.py
index 5e0ec230fe..13016395a9 100644
--- a/gratipay/models/team/__init__.py
+++ b/gratipay/models/team/__init__.py
@@ -1,4 +1,4 @@
-"""Teams on Gratipay receive payments and distribute payroll.
+"""Teams on Gratipay receive payments and distribute payouts.
 """
 import re
 from decimal import Decimal
@@ -271,7 +271,7 @@ def update_receiving(self, cursor=None):
         """, dict(slug=self.slug))
 
 
-        # This next step is easy for now since we don't have payroll.
+        # This next step is easy for now since we don't have payouts.
         from gratipay.models.participant import Participant
         Participant.from_username(self.owner).update_taking(cursor or self.db)