Normal credit

Normal credit

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 against the employer’s federal unemployment tax.

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

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, ...

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Financial services; Real estate investment

As an accounting term, credit means a bookkeeping entry on the right side of an account recording the reduction or elimination of an asset or an expense, or the creation of or ...

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Banking; Investment banking

Also: loan. Legal operation by which the creditor transfers money to the borrower which he/she must repay at the end of the term, when called or in instalments. Loans must be ...

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Professional careers; Sales

The allowance of time in which to pay for a purchase.

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Education; Colleges & universities

Every course in a university is accorded a credit value, anywhere from 1 to 5 credits. A student will earn a degree upon completing the pre-requisite credits and fulfill all other ...

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Economy; Economics

A loan extended or (sometimes) taken by, for example, delayed payment of an invoice.

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 ...