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

wage assignment

Accounting; Payroll

A voluntary agreement by an employee to transfer portions of future wage payments (e.g., insurance premium deductions, credit union deductions).

split shifts

Accounting; Payroll

A workday that is divided into two parts, separated by a spread of hours longer than the conventional meal or rest period.

statutory employees

Accounting; Payroll

A worker who is treated as an employee for Social Security and Medicare tax purposes and as self-employed for income-tax purposes.

voluntary contributions

Accounting; Payroll

Advance payments of unemployment tax that can reduce an employer’s state unemployment tax rate.

totalization agreements

Accounting; Payroll

Agreements between the U.S. and foreign countries that prevent double social security and Medicare taxation of U.S. employees working abroad and aliens working in the U.S.

compensation

Accounting; Payroll

All cash and noncash remuneration given to an employee for services performed for the employer.

Also known as the one-day rule, it requires employers that accumulate a tax liability of $100,000 or more during a deposit period to deposit the withheld taxes within one banking day of the day the ...