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

excess deferral

Accounting; Payroll

Amount of an employee’s deferred compensation that exceeds the IRS’s annual contribution limit.

normal credit

Accounting; Payroll

Amount of an employer’s required contributions paid timely into a state unemployment insurance fund, to a maximum of 90% of the employer’s basic federal unemployment tax rate, taken as a credit ...

dismissal pay

Accounting; Payroll

Amounts paid to employees who are terminated from employment, also known as payments in lieu of notice, termination pay or severance pay.

cost-of-living-adjustment (COLA)

Accounting; Payroll

An adjustment of wages or benefit payments to account for changes in the cost of living, generally based on changes in the CPI.

work-sharing plan

Accounting; Payroll

An agreement to reduce some employees’ hours to avoid laying off other employees. Those employees whose hours were reduced receive partial unemployment benefits.

deduction

Accounting; Payroll

An amount subtracted from an employee’s gross pay to reach net pay, or an amount allowed to taxpayers as an offset against income (pre-tax deduction).