5 Terms
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Payroll
Of or relating to the financial record of employees' salaries, wages, bonuses, net pay, and deductions.
Industry: Accounting
Add a new termContributors in Payroll
Payroll
online wage reporting service (OWRS)
Accounting; Payroll
Method for reporting Form W-2 information electronically to the Social Security Administration.
aggregate method
Accounting; Payroll
Method of withholding federal income tax from supplemental wages in which the supplemental wage payment is combined with the regular wages paid during the most recent payroll period; after ...
allowances
Accounting; Payroll
Money, other than basic pay, that compensates for expenses such as meals, rent, clothing and travel. The term can also apply to compensation that is given to an employee for maintaining proficiency ...
revenue procedures
Accounting; Payroll
Official statements from the IRS on how to carry out tax compliance.
percentage method of withholding
Accounting; Payroll
One allowable method for calculating federal income tax withholding from an employee’s wages, most often used when the calculation is automated.
treasury financial agent (TFA)
Accounting; Payroll
One of two banks chosen to implement the Electronic Federal Tax Payment System for depositing federal taxes electronically.
common paymaster
Accounting; Payroll
One of two or more related corporations that pays employees who work concurrently for the related corporations. Under this arrangement, the related corporations are treated as a single employer for ...
