18 Terms
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Payroll
Of or relating to the financial record of employees' salaries, wages, bonuses, net pay, and deductions.
Industry: Accounting
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Payroll
accounting period
Accounting; Payroll
accounting period, is period where budget of a company is prepared in books, and book keeping.
payroll period
Accounting; Payroll
The period of service for which an employer pays wages to its employees.
deferred compensation
Accounting; Payroll
The postponement of a wage payment to a later date. Usually describes a portion of wages set aside by an employer for an employee and put into a retirement plan on a pretax basis.
worker classification
Accounting; Payroll
The process of determining whether an individual performing services for a business is either an employee or an independent contractor.
reconciliation
Accounting; Payroll
The process of ensuring that amounts withheld, deposited, paid, and reported by employers agree with each other and that if they do not, determining the reasons and making the necessary corrections.
medical support withholding
Accounting; Payroll
The process of withholding amounts from an employee’s compensation to satisfy a medical support order from a court or a state child welfare administrative agency. The employer is responsible for ...
new hire reporting
Accounting; Payroll
The reporting of newly hired and rehired employees to state agencies to facilitate the collection of child support and/or to uncover abuse in the state’s unemployment compensation, workers’ ...
