20 Terms
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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
Sick pay
Accounting; Payroll
Replacement wages paid to an employee who cannot work because of an illness or injury that is not work-related.
Account
Accounting; Payroll
Representation of assets, expenses, liabilities and revenues in the general ledger, to which debit and credit entries are posted to record changes in the value of the account.
Universal availability
Accounting; Payroll
Requirement that employers provide an equal opportunity for employees to make elective deferral catch-up contributions.
Defined benefit plan
Accounting; Payroll
Retirement plan that uses a formula (generally based on an employee’s salary and length of service) to calculate an employee’s retirement benefits and is not funded by employee contribution to the ...
Defined contribution plan
Accounting; Payroll
Retirement plan with benefits determined by the amount in an employee’s account at the time of retirement; depends on the amount of the contributions as well as the gains or losses on the account. ...
Deemed substantiation
Accounting; Payroll
Safe-harbor rules under which IRS requirements regarding the substantiation of amounts spent on employee business expenses are considered to have been met, e.g., per diem allowances.
