2 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
third-party sick pay
Accounting; Payroll
Payments made by a third party, such as a state fund or insurance company, to employees for an illness or non-work-related injury.
golden parachute
Accounting; Payroll
Payments made to business executives in excess of their usual compensation (e.g., stock options, bonuses) in the event the business is sold and the executives are terminated from employment.
special wage payments
Accounting; Payroll
payments made to employees or former employees for services performed in an earlier year. These payments require special reporting by employers so that retirees’ social security benefits are not ...
advance earned income credit (AEIC)
Accounting; Payroll
Payments of earned income credit during the year to employees who expect to be eligible for the credit. Employers make the payments out of federal income, social security, and Medicare taxes ...
supplemental unemployment benefits (SUB)
Accounting; Payroll
Payments provided to terminated employees from an employer-financed fund beyond regular unemployment compensation. SUBs are taxable as wages and subject to income-tax withholding but aren't subject ...
actual deferral percentage (ADP)
Accounting; Payroll
Percentage of wages deferred by employees participating in a salary reduction plan (e.g., 401(k) plan). The IRS uses the ADP to determine whether the plan meets the agency’s nondiscrimination ...
cafeteria plan
Accounting; Payroll
Plan that offers flexible benefits under IRC Section 125. Employees choose their benefits from a “menu” of cash and benefits, some of which can be paid for with pretax deductions from wages.
