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Cafeteria plan

Plan that offers flexible benefits under IRC Section 125. Employees choose their benefits from a “menu” of cash and benefits, some of which can be paid for with pretax deductions from wages.

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  • Part of Speech: noun
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  • Blossary:
  • Industry/Domain: Accounting
  • Category: Payroll
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Related terms

cafeteria plan
Law; General law

A benefit plan that allows employees to choose benefits from a list up to a certain dollar value.

cafeteria plan
Financial services; Accountancy

A benefit plan maintained by an employer for the benefit of the employees under which each participant has the opportunity to select the benefits they desire.

cafeteria plan
Accounting; Payroll

Plan that offers flexible benefits under IRC Section 125. Employees choose their benefits from a “menu” of cash and benefits, some of which can be paid for with pretax deductions ...

cafeteria plan
Software; Supply chain

A human resource benefits plan where enrolled members can select and accumulate predefined medical, investment and other options.

cafeteria plan
Health care; General

This benefit plan gives employees a set amount of funds that they can choose to spend on a different benefit options, such as health insurance or retirement savings

cafeteria plan
Health care; General

Arrangements under which employees may choose their own benefit structure. Sometimes these are varying benefit plans or add-ons provided through the same insurer or 3rd party ...

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 ...

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