9 Terms
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Payroll
Of or relating to the financial record of employees' salaries, wages, bonuses, net pay, and deductions.
Industry: Accounting
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Payroll
After-tax deduction
Accounting; Payroll
Deduction from an employee’s pay that does not reduce the employee’s taxable wages. It is taken out only after all applicable taxes and other deductions have been withheld (e.g., union dues, ...
Catch-up contributions
Accounting; Payroll
Elective deferrals by an employee to a defined contribution retirement plan or IRS above any statutory or plan-mandated limit.
Leased employees
Accounting; Payroll
Employees of a leasing agency who are hired and trained for the client firm through the agency. Withholding, depositing, and reporting responsibilities remain with the leasing agency.
Nonexempt employees
Accounting; Payroll
Employees who are covered by the minimum wage and overtime provisions of the FLSA. They may be paid on an hourly or salary basis.
Employer identification number (EIN)
Accounting; Payroll
Employer’s account number with the Internal Revenue Service.
Adjusting entry
Accounting; Payroll
Entry made at the end of an accounting period to update or adjust an account before financial statements are prepared.
Shift differential
Accounting; Payroll
Extra pay received by employees for working a less-than-desirable shift (e.g., evenings or late nights).
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