Payroll

Payroll

Of or relating to the financial record of employees' salaries, wages, bonuses, net pay, and deductions.

Industry: Accounting

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Payroll

excise tax

Accounting; Payroll

excise tax, tax imposed on a specific transaction, the opposite of incise.

electronic tax application

Accounting; Payroll

Term for same-day settlement procedures for electronic tax deposits made through the Electronic Federal Tax Payment System.

dependent group

Accounting; Payroll

Term life insurance that gives and employee death benefits should the employee’s spouse or other dependents die.

group term life insurance (GTL)

Accounting; Payroll

Term life insurance that is provided to employees, with the cost being borne by the employer, the employee or both.

enterprise coverage

Accounting; Payroll

Test for determining whether an employer’s entire operation is covered by the Fair Labor Standard’s Act. It is based on the employees’ involvement in interstate commerce and the employer’s annual ...

Test that measures the control and direction that an employer has the authority to exercise over a worker. Where the employer has the right to direct the worker as to how, where, and when the work ...

nondiscrimination testing

Accounting; Payroll

Tests that determine whether benefit plans provided by an employer discriminate in favor of highly compensated or key employees. If such discrimination is found, the employer will lose its favorable ...