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

withholding allowance

Accounting; Payroll

Reduces the amount of wages subject to federal income tax withholding based on exemptions and deductions claimed on federal income tax Form 1040.

credit reduction

Accounting; Payroll

Reduction in the credit an employer receives against FUTA tax owed for state unemployment taxes paid, where the state has not repaid a federal loan under the joint federal/state unemployment ...

bona fide

Accounting; Payroll

Refers to actions taken in good faith, without pretense or fraud.

table i

Accounting; Payroll

Refers to IRS Uniform Premium Table I, which is used to calculate the value of group-term life insurance over $50,000.

sick pay

Accounting; Payroll

Replacement wages paid to an employee who cannot work because of an illness or injury that is not work-related.

account

Accounting; Payroll

Budget-project combination which defines a specific economic activity. The account is used as the key for the Master Account Table and may be used to derive the remaining elements of the coding ...