Payroll

Payroll

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

Industry: Accounting

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Payroll

Nondiscrimination testing

Accounting; Payroll

Tests that determine whether benefit plans provided by an employer discriminate in favour of highly compensated or key employees. If such discrimination is found, the employer will lose its ...

Disposable earnings

Accounting; Payroll

That part of an employee’s earnings remaining after deductions required by law (e.g., taxes). It is used to determine the amount of an employee’s pay that is subject to a garnishment or child ...

Net pay

Accounting; Payroll

That part of an employee’s wages that remains after all deductions have been subtracted (e.g., taxes, health insurance premiums, union dues, etc.).

The 12-month period running from July 1 or the second preceding calendar year through June 30 of the preceding calendar year. The employer’s payroll tax liability during this period determines its ...

Impute

Accounting; Payroll

The addition of the value of cash/non-cash compensation to an employee’s taxable wages in order to properly withhold income and employment taxes from the wages.

Elective deferral

Accounting; Payroll

The amount of pretax dollars that an employee chooses to have the employer contribute to a qualified deferred compensation (e.g., 401(k) plan) in the employee’s behalf, also known as pretax ...

Workweek

Accounting; Payroll

The basis for determining an employee’s regular rate of pay and overtime pay due under the FLSA. It can be any consecutive 7-day (168 hour) period chosen by the employer (e.g., Saturday through ...