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

Payroll tax

Accounting; Payroll

Any tax levied by a government agency on employees’ wages, tips, and other compensation.

Anything that is too insignificant to merit legal scrutiny, such as a fringe benefit that is provided occasionally and is too small to justify accounting for or recording it. This does not apply to ...

Noncash fringe benefits

Accounting; Payroll

Benefits provided to employees in some form other than cash (e.g., company car, health and life insurance, parking, etc.) which may be taxable or nontaxable.

Discretionary bonus

Accounting; Payroll

Bonus paid for services performed. In order to be considered discretionary, the bonus cannot be paid because of a promise made in advance, a contract, or another agreement.

Qualified transportation fringe

Accounting; Payroll

Certain employer-provided transportation benefits that can be excluded from employees’ income up to certain annually adjusted limits (i.e., transit passes, vanpools, parking).

Qualified retirement planning services

Accounting; Payroll

Certain retirement planning advice or information provided by an employer, the value of which is excluded from employees’ income if it is provided in a nondiscriminatory manner.