In this paper we study parallel-machine scheduling with job rejection, where the total processing time of the rejected jobs is required to be no greater than a predefined bound. The objective is to minimize the makespan of the accepted jobs plus the total penalty cost of the rejected jobs. The scheduling problem is NP-hard in the strong sense. We present a 2-approximation algorithm with a time complexity of O (n log⁡ n) by making use of specific data structure. We also develop a polynomial time approximation scheme (PTAS). Due to the job rejection restriction, some techniques for knapsack problems are applied in the development of our PTAS.