26 Terms
Home > Industry/Domain > Accounting > Payroll
Payroll
Of or relating to the financial record of employees' salaries, wages, bonuses, net pay, and deductions.
Industry: Accounting
Add a new termContributors in Payroll
Payroll
Actual deferral percentage (ADP)
Accounting; Payroll
Percentage of wages deferred by employees participating in a salary reduction plan (e.g., 401(k) plan). The IRS uses the ADP to determine whether the plan meets the agency’s nondiscrimination ...
Cafeteria plan
Accounting; Payroll
Plan that offers flexible benefits under IRC Section 125. Employees choose their benefits from a “menu” of cash and benefits, some of which can be paid for with pretax deductions from wages.
Exercise price
Accounting; Payroll
Price an employee pays for a stock when a stock option granted by an employer to an employee is exercised by the employee.
Outplacement services
Accounting; Payroll
Services provided by employers to help employees find a new job after a layoff or reduction in force.
Magnetic media reporting and electronic filing (MMREF) specifications
Accounting; Payroll
Set of specifications for filing Forms W-2 and W-2c with the Social Security Administration on magnetic media or electronically.
Validity edit
Accounting; Payroll
Shows whether or not data entered meet the requirements set forth by a company.
Table i
Accounting; Payroll
Refers to IRS Uniform Premium Table I, which is used to calculate the value of group-term life insurance over $50,000.
