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Payroll

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

Contributors in Payroll

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.

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