1 Terms
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Payroll
Of or relating to the financial record of employees' salaries, wages, bonuses, net pay, and deductions.
Industry: Accounting
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Payroll
wage-bracket withholding method
Accounting; Payroll
A procedure for calculating the amount of federal income tax to be withheld from an employee’s wages based on wage-bracket tables classified by the employee’s marital status and payroll period.
opportunity wage
Accounting; Payroll
A reduced minimum wage that can be paid to teenagers during their first 90 days at work.
tip credit
Accounting; Payroll
A reduction in the minimum wage allowed for employees who receive tips.
multiple worksite report (MWR)
Accounting; Payroll
A report developed by the Bureau of Labor Statistics to help it collect statistical information on U.S. businesses with multiple worksites.
payroll register
Accounting; Payroll
A report listing and summarizing the compensation paid and deductions taken from each employee’s wages for the payroll period.
information return
Accounting; Payroll
A return sent to the IRS (e.g., 1099 series) or the SSA (e.g., Form W-2, Copy A along with Form W-3 or 6559) that indicates information relevant to tax liability.
private letter ruling (PLR)
Accounting; Payroll
A ruling provided by the IRS when requested by a taxpayer who wants to know how the tax laws apply to a particular factual situation. The ruling applies only to the taxpayer requesting it, and ...
