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

Severance pay

Accounting; Payroll

A payment offered by some employers to terminated employees (usually those who are terminated through no fault of their own) that is designed to tide them over until new employment is secured.

Statute of limitations

Accounting; Payroll

A period of time established by law during which parties can take legal action to enforce their legal rights.

Wage continuation sheet

Accounting; Payroll

A periodic report (e.g., quarterly) from employers to state unemployment agencies containing employees’ names, total wages, and unemployment taxable wages.

Tax protection plan

Accounting; Payroll

A plan offered by an employer to an employee working abroad that would guarantee the employee a foreign tax obligation no larger than he or she would have in the U.S.

Tax equalisation plan

Accounting; Payroll

A plan offered by an employer to an employee working abroad that would provide the employee with the same take-home pay he or she would have in the U.S.

Private delivery service (PDS)

Accounting; Payroll

A private sector company that delivers packages. If their services are “designated” by the IRS, materials delivered to them by a taxpayer for delivery to the IRS are considered postmarked on the ...

Wage-bracket withholding method

Accounting; Payroll

A procedure for calculating the amount of federal income tax to be withheld from an employee’s wages based on wage-bracket tables classified by the employee’s marital status and payroll period.