11 Terms
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Payroll
Of or relating to the financial record of employees' salaries, wages, bonuses, net pay, and deductions.
Industry: Accounting
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Payroll
No-additional cost services
Accounting; Payroll
A tax-free fringe benefit for employees consisting of free services offered by an employer at not substantial additional cost to the employer.
Electronic federal tax payment system (EFTPS)
Accounting; Payroll
A tax-payment system offered by the U.S. Department of Treasury that allows the payment of federal taxes electronically and free of cost.
Interactive voice response (IVR)
Accounting; Payroll
A telephone system that allows employees to make changes by touch-tone phone to their payroll and/or personal data.
Full time equivalent (FTE)
Accounting; Payroll
A term used to describe the time or effort expected relative to a full time appointment (which is 1.00 FTE)
Individual retirement arrangement
Accounting; Payroll
A trust created or organised for the exclusive benefit of an individual or his or her beneficiaries.
Savings incentive match plans for employees of small employers (SIMPLE) plans
Accounting; Payroll
A type of defined contribution plan for employers with 100 or fewer employees that can be set up as a 401(k) or IRA. The plan allows pretax employee contributions and mandatory employer-matching ...
Wage assignment
Accounting; Payroll
A voluntary agreement by an employee to transfer portions of future wage payments (e.g., insurance premium deductions, credit union deductions).
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