17 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
Medicare
Accounting; Payroll
A federal hospital insurance programme for individual age 65 or older and some disabled persons. It is funded through the hospital insurance (HI) component of FICA tax.
Automated clearing house (ACH)
Accounting; Payroll
A Federal Reserve Bank or private financial institution acting on behalf of an association operating a facility that serves as a clearinghouse for direct deposit transactions. Entries are received ...
Originating depository financial institution (ODFI)
Accounting; Payroll
A financial institution that is qualified to initiate deposit entries submitted by an employer as part of the direct deposit process.
Per diem rates
Accounting; Payroll
A flat daily rate that an employer may give to its employees for overnight travel, meals and incidentals expenses, rather than requiring employees to substantiate actual expenses. Employees must ...
Early retirement age
Accounting; Payroll
The earliest age at which social security retirement benefits can be received - currently age 62. Individual company retirement plans may provide for benefits at an earlier age.
Social security statement
Accounting; Payroll
The earnings and benefits verification statement sent by the Social Security Administration annually to employees over age 24 in the U.S. who are not currently receiving social security benefits.
Direct deposit
Accounting; Payroll
The electronic transfer of an employee’s net pay directly into financial institution accounts designated by the employee, thus avoiding the need for a paycheck.
