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

Accrual

Accounting; Payroll

Recognition of assets, expenses, liabilities or revenues after the cash value has been determined but before it’s been transferred.

Withholding allowance

Accounting; Payroll

Reduces the amount of wages subject to federal income tax withholding based on exemptions and deductions claimed on federal income tax Form 1040.

Credit reduction

Accounting; Payroll

Reduction in the credit an employer receives against FUTA tax owed for state unemployment taxes paid, where the state has not repaid a federal loan under the joint federal/state unemployment ...

Bona fide

Accounting; Payroll

Refers to actions taken in good faith, without pretence or fraud.

Percentage method of withholding

Accounting; Payroll

One allowable method for calculating federal income tax withholding from an employee’s wages, most often used when the calculation is automated.

Treasury financial agent (TFA)

Accounting; Payroll

One of two banks chosen to implement the Electronic Federal Tax Payment System for depositing federal taxes electronically.

One of two or more related corporations that pays employees who work concurrently for the related corporations. Under this arrangement, the related corporations are treated as a single employer for ...