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

disposable earnings

Accounting; Payroll

That part of an employee’s earnings remaining after deductions required by law (e.g., taxes). It is used to determine the amount of an employee’s pay that is subject to a garnishment or child ...

net pay

Accounting; Payroll

That part of an employee’s wages that remains after all deductions have been subtracted (e.g., taxes, health insurance premiums, union dues, etc.).

the 12-month period running from July 1 or the second preceding calendar year through June 30 of the preceding calendar year. The employer’s payroll tax liability during this period determines its ...

impute

Accounting; Payroll

The addition of the value of cash/non-cash compensation to an employee’s taxable wages in order to properly withhold income and employment taxes from the wages.

elective deferral

Accounting; Payroll

The amount of pretax dollars that an employee chooses to have the employer contribute to a qualified deferred compensation (e.g., 401(k) plan) in the employee’s behalf, also known as pretax ...

workweek

Accounting; Payroll

The basis for determining an employee’s regular rate of pay and overtime pay due under the FLSA. It can be any consecutive 7-day (168 hour) period chosen by the employer (e.g., Saturday through ...