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

Control group

Accounting; Payroll

Group of key or highly compensated employees in a company whose proportion of benefits is limited under the qualification requirements of certain benefit plans (e.g., Section 125 or 401(k) plans).

Hours worked in excess of maximums set by federal or state law that must be compensation at a premium rate of pay (e.g., under the FLSA, all hours worked over 40 in a workweek must be paid at no less ...

One-day deposit rule

Accounting; Payroll

If an employer’s accumulated employment tax liability reaches $100,000 on any day during a monthly or semiweekly deposit period, the taxes must be deposited by the close of the next banking day.

Premium pay

Accounting; Payroll

In a payroll context, there can be two meanings. It can be the extra pay above an employee’s regular rate of pay that is paid for working overtime hours. Or it can be a special pay rate for work ...

Reciprocity

Accounting; Payroll

In payroll, a relationship between states under which privileges granted by one are returned by the other (e.g., reciprocal enforcement of child support orders, reciprocal agreements not to tax ...

Backup withholding

Accounting; Payroll

Income tax withholding required from non-employee compensation when the payee fails to furnish the payer with a taxpayer identification number or the payer is notified by the IRS that the payee’s TIN ...

Green card

Accounting; Payroll

INS Form I-551. Permanent Resident Card, which entitles the bearer to permanent resident status in the U.S. and provides proof of work authorization and identity under the Immigration Reform and ...