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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
Regular rate of pay
Accounting; Payroll
An hourly pay rate determined by dividing the total regular pay actually earned for the workweek by the total number of hours worked.
Statutory stock option
Accounting; Payroll
An Incentive Stock Option or an option exercised under an Employee Stock Purchase Plan.
Third-party designees
Accounting; Payroll
An individual authorised by an employer to correspond with the IRS regarding the completion and processing of an employment tax return (e.g., Forms 940, 941, 945).
Cost-of-living-adjustment (COLA)
Accounting; Payroll
An adjustment of wages or benefit payments to account for changes in the cost of living, generally based on changes in the CPI.
Work-sharing plan
Accounting; Payroll
An agreement to reduce some employees’ hours to avoid laying off other employees. Those employees whose hours were reduced receive partial unemployment benefits.
Deduction
Accounting; Payroll
An amount subtracted from an employee’s gross pay to reach net pay, or an amount allowed to taxpayers as an offset against income (pre-tax deduction).
403(b) Annuity
Accounting; Payroll
An annuity or mutual fund that provides retirement income for employees of public schools and certain tax exempt organizations.