Payroll

Payroll

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

Contributors in Payroll

Payroll

While this term can refer to anyone not covered as an employee under a certain law, it generally means those employees who are exempt from the minimum wage, overtime pay, and certain recordkeeping ...

Temporary help agency employees

Accounting; Payroll

Workers hired through temporary help agencies who are screened and trained by the agency to provide services for client firms. They are employees of the agency, rather than the client firm.

Concurrent employment

Accounting; Payroll

Working for more than one related corporation under a common paymaster arrangement.

Field service advice

Accounting; Payroll

Written advice to the IRS field agents and examiners from the IRS Chief Counsel’s office to guide them in handling particular factual situations.

Authorization agreement

Accounting; Payroll

Written agreement authorising an employer to withhold and distribute a portion of an employee’s wages to a party designated by the employee (e.g., direct deposit, union dues, savings bonds).

Segregation of duties

Accounting; Payroll

A basic principle of internal control that prevents individuals from having responsibility for all phases of a job process, thus guarding against misuse or misappropriation of company assets.