Payroll

Payroll

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

Industry: Accounting

Add a new term

Contributors in Payroll

Become a Contributors

Payroll

expatriate

Accounting; Payroll

For U.S. payroll purposes, a U.S. citizen or resident alien who lives and works outside the U.S.

control group

Accounting; Payroll

Group of key or highly compensated employees in a company whose proportion of benefits is limited under the qualification requirements of certain benefit plans (e.g., Section 125 or 401(k) plans).

Hours worked in excess of maximums set by federal or state law that must be compensation at a premium rate of pay (e.g., under the FLSA, all hours worked over 40 in a workweek must be paid at no less ...

one-day deposit rule

Accounting; Payroll

If an employer’s accumulated employment tax liability reaches $100,000 on any day during a monthly or semiweekly deposit period, the taxes must be deposited by the close of the next banking day.

premium pay

Accounting; Payroll

In a payroll context, there can be two meanings. It can be the extra pay above an employee’s regular rate of pay that is paid for working overtime hours. Or it can be a special pay rate for work ...

reciprocity

Accounting; Payroll

In payroll, a relationship between states under which privileges granted by one are returned by the other (e.g., reciprocal enforcement of child support orders, reciprocal agreements not to tax ...

take-home pay

Accounting; Payroll

In the context of a federal tax levy, the amount of an employee’s wages that remains after all normal deductions in effect at the time of the levy have been subtracted.