Common Sense in Compensation Act - Prohibits any discretionary monetary payment to an employee of a federal executive agency during the period beginning on the enactment of this Act and the close of FY2013, or during FY2014 or FY2015, to the extent that such payment would cause the employee's total covered compensation (i.e., basic pay and discretionary monetary payment) to exceed 105% of the total amount of such employees basic pay (before the application of any step-increase). Defines "discretionary monetary payment" as any award or other monetary payment and any step-increase.