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

internal legal memorandum (ILM)

Accounting; Payroll

An interpretation of a point of tax law designated for internal use by the IRS.

wage attachment

Accounting; Payroll

An involuntary transfer — typically mandated by a court order — of an employee's wages in order to satisfy a debt.

simplified employee pension (SEP)

Accounting; Payroll

An IRA available to some smaller employers. A SEP IRA is designed to serve as a low-cost, easy-to-maintain retirement plan for an employer and his or her employees.

gross-up

Accounting; Payroll

An IRS approved calculation that employers can use to determine the taxable gross payment when the employer wishes to pay the employer’s share of tax.

constructive receipt

Accounting; Payroll

An IRS rule that considers wages to have been paid to an employee when the employee has access to the wages without substantial limitations or restrictions.

safe-harbor

Accounting; Payroll

An IRS-approved alternative method (usually a short-cut) for complying with IRS rules, regulations, and procedures 9e.g., per diem allowances and high-low substantiation.

An unemployment insurance financing system that allows employers to pay back to the state unemployment trust fund any benefits paid to their former employees, rather than paying a tax based on their ...