Payroll

Payroll

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

Contributors in Payroll

Payroll

Wage and Tax Statement; employers must file a Form W-2 (to both the employee and the Social Security Administration) to report the total amount of wages paid and taxes withheld for each employee in a ...

Form W-4P

Accounting; Payroll

Withholding Certificate for Pension or Annuity Payments; allows retired employees to have input into the amount of federal income tax withheld from a pension or annuity.

Age Discrimination in Employment Act of 1967 (adea)

Accounting; Payroll

Federal law that prohibits employment discrimination on the basis of an individual’s age (40 or older).

Consolidated Omnibus budget Reconciliation Act of 1985 (COBRA)

Accounting; Payroll

Federal law that requires employers with group health care coverage to offer continued coverage to separated employees and other qualifying beneficiaries.

Tax Reform Act of 1986 (TRA ’86)

Accounting; Payroll

Sweeping tax reform legislation that lowered tax rates and sought to eliminate many of the loopholes in the tax laws.

Trust Fund Taxes

Accounting; Payroll

The amounts withheld by employers from employees’ pay for federal income, social security and Medicare taxes. They are referred to as trust fund taxes because the money is held in a special trust ...