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

Trust Fund Taxes

Accounting; Payroll

The amounts withheld by employers from employees’ pay for federal income, social security and Medicare taxes. They are referred to as trust fund taxes because the money is held in a special trust ...

escheat

Accounting; Payroll

In the context of payroll, the turning over of unclaimed wages to the state after a period of time determined by state law.

white collar employees

Accounting; Payroll

In the context of the Federal Wage-Hour Law, these are executive, administrative, professional (including computer related professionals), or outside sales employees who are exempt from the law’s ...

In the context of unemployment compensation, an amount charged to an employer’s account when a former employee receives unemployment benefits. The amount is determined by the base period wages paid ...

experience rating

Accounting; Payroll

In the context of unemployment compensation, it is the employer’s past record of unemployment claims activity. This past record can then be used to determine the employer’s unemployment tax rate ...

benefit year

Accounting; Payroll

In the context of unemployment compensation, the 52-week period beginning on the first day a claim for benefits is filed.

backup withholding

Accounting; Payroll

Income tax withholding required from non-employee compensation when the payee fails to furnish the payer with a taxpayer identification number or the payer is notified by the IRS that the payee’s TIN ...