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
special accounting rule
Accounting; Payroll
A safe-harbor rule that allows employers to treat certain Noncash fringe benefits provided to employees in November or December as received in the following year. If an employer uses the special ...
negative election
Accounting; Payroll
A salary deferral to fund pre-tax employee benefits that is begun without the employee making an affirmative election to begin the deferral.
reasonable basis test
Accounting; Payroll
A standard used to determine whether a worker can be treated as an independent contractor whether or not the common law test is met, based on prior court and administrative rulings, IRS audits, or ...
information statement
Accounting; Payroll
A statement sent to a payee (e.g., 1099 series) or an employee (Form W-2) that indicates payments made and taxes withheld by the party issuing the statement.
incentive stock option (ISO)
Accounting; Payroll
A stock option plan that gives an employee the opportunity to buy the employer corporation’s stock at a fixed price for a certain period of time, and that offers favorable tax treatment if certain ...
nonqualified stock option/nonstatutory stock option (NSO)
Accounting; Payroll
A stock option plan that gives an employee the opportunity to buy the employer corporation’s stock at a fixed price for a certain period of time, without the conditions that apply to an incentive ...
earned income credit
Accounting; Payroll
A tax credit available to low-income employees. It may be taken when the employee files his or her individual tax return, or partially paid in advance by the employer during the year (AEIC)
