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

field service advice

Accounting; Payroll

Written advice to the IRS field agents and examiners from the IRS Chief Counsel’s office to guide them in handling particular factual situations.

authorization agreement

Accounting; Payroll

Written agreement authorizing an employer to withhold and distribute a portion of an employee’s wages to a party designated by the employee (e.g., direct deposit, union dues, savings bonds).

segregation of duties

Accounting; Payroll

A basic principle of internal control that prevents individuals from having responsibility for all phases of a job process, thus guarding against misuse or misappropriation of company assets.

qualified plan

Accounting; Payroll

A benefit plan that meets IRS qualification requirements for certain tax-favored treatments.

back-pay award

Accounting; Payroll

A cash award made to an employee that generally results from legal action to remedy a violation of federal or state wage-hour or employment discrimination laws.

401(k) Plan

Accounting; Payroll

A cash or deferred arrangement that allows employees to authorize their employer to place pretax dollars in a retirement plan that invests the money. The contributions (including those matched by ...