Arrears

Arrears

What happens when there is not enough net pay to cover all of an employee’s deductions, e.g., pay is docked; gross pay is lower than normal and cannot cover all deductions. Not all deductions are placed into arrears.

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Part of Speech: noun
Synonym(s):
Blossary:
Industry/Domain: Accounting
Category: Payroll
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Related terms

arrears

Legal services; Family law

Payments that are due but have not been made. Also called arrearages; outstanding; umpaid.

arrear

Education; SAT vocabulary

Something overdue and unpaid.

arrears

Accounting; Payroll

What happens when there is not enough net pay to cover all of an employee’s deductions, e.g., pay is docked; gross pay is lower than normal and cannot cover all deductions. Not ...

arrears

Real estate; General

Delinquency in meeting an obligation; or, paid at the end of a period (e.g., at the end of the month) for the previous period; payments in arrears include interest for using the ...

arrears

Law; Legal services; General law

Unperformed, overdue obligations, including money owed. Being “in arrears” often means being behind in paying a debt.

annual wage reporting (AWR)

Accounting; Payroll

Social Security Administration’s system of recording wages reported annually by employers on Form W-2.

statutory nonemployees

Accounting; Payroll

Special groups of workers who may qualify as common law employees but are treated under the law as independent contractors (e.g., qualified real estate agents and direct sellers) ...

taxpayer identification number (TIN)

Accounting; Payroll

social security number or employer identification number, which serves as the taxpayer’s account number with the IRS.

wage orders

Accounting; Payroll

State agency directives that set wage and hour standards, usually for specific industries.

paycard

Accounting; Payroll

Stored-value debit cards funded by employers with employees' pay. Workers can access their pay by using the cards to withdraw cash or make purchases.

withholding

Accounting; Payroll

Subtracting amounts from an employee’s wages for taxes, garnishments or levies, and other deductions (e.g., medical insurance premiums, union dues). These amounts are then paid ...