Payroll

Payroll

Of or relating to the financial record of employees' salaries, wages, bonuses, net pay, and deductions.

Industry: Accounting

Add a new term

Contributors in Payroll

Become a Contributors

Payroll

Application service provider (ASP)

Accounting; Payroll

Outsourcing arrangement where the outsourcing company hosts each application at its location and the client gains access through the Internet.

Compensatory time

Accounting; Payroll

Paid time off granted to an employee for working extra hours. The Federal Wage-Hour law places severe restrictions on the use of compensatory time to avoid paying overtime, although special ...

Time-and-a-half

Accounting; Payroll

Payment of 1½ times an employee’s regular rate of pay for hours worked over 40 in a workweek, as required by the Federal Wage-Hour Law (for non-exempt employees only).

Third-party sick pay

Accounting; Payroll

Payments made by a third party, such as a state fund or insurance company, to employees for an illness or non-work-related injury.

Golden parachute

Accounting; Payroll

Payments made to business executives in excess of their usual compensation (e.g., stock options, bonuses) in the event the business is sold and the executives are terminated from employment.

Special wage payments

Accounting; Payroll

Payments made to employees or former employees for services performed in an earlier year. These payments require special reporting by employers so that retirees’ social security benefits are not ...

Supplemental unemployment benefits (SUB)

Payments provided to terminated employees from an employer-financed fund beyond regular unemployment compensation. SUBs are taxable as wages and subject to income-tax withholding but aren't subject ...