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

Opportunity wage

Accounting; Payroll

A reduced minimum wage that can be paid to teenagers during their first 90 days at work.

Tip credit

Accounting; Payroll

A reduction in the minimum wage allowed for employees who receive tips.

Multiple worksite report (MWR)

Accounting; Payroll

A report developed by the Bureau of labour Statistics to help it collect statistical information on U.S. businesses with multiple worksites.

Payroll register

Accounting; Payroll

A report listing and summarising the compensation paid and deductions taken from each employee’s wages for the payroll period.

Information return

Accounting; Payroll

A return sent to the IRS (e.g., 1099 series) or the SSA (e.g., Form W-2, Copy A along with Form W-3 or 6559) that indicates information relevant to tax liability.

Private letter ruling (PLR)

Accounting; Payroll

A ruling provided by the IRS when requested by a taxpayer who wants to know how the tax laws apply to a particular factual situation. The ruling applies only to the taxpayer requesting it, and ...

Special accounting rule

Accounting; Payroll

A safe-harbor rule that allows employers to treat certain Noncash fringe benefits provided to employees in November or December as received in the following year. If an employer uses the special ...