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

Wage attachment

Accounting; Payroll

An involuntary transfer — typically mandated by a court order — of an employee's wages in order to satisfy a debt.

Simplified employee pension (SEP)

Accounting; Payroll

An IRA available to some smaller employers. A SEP IRA is designed to serve as a low-cost, easy-to-maintain retirement plan for an employer and his or her employees.

Gross-up

Accounting; Payroll

An IRS approved calculation that employers can use to determine the taxable gross payment when the employer wishes to pay the employer’s share of tax.

Constructive receipt

Accounting; Payroll

An IRS rule that considers wages to have been paid to an employee when the employee has access to the wages without substantial limitations or restrictions.

Take-home pay

Accounting; Payroll

In the context of a federal tax levy, the amount of an employee’s wages that remains after all normal deductions in effect at the time of the levy have been subtracted.

Highly compensated employee (HCE)

In the context of certain fringe benefit plans, an employee who is an owner or officer of a business or whose salary exceeds a certain amount (for example, receives compensation in the top 20 percent ...