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Subset of a population, usually selected randomly and considered representative of the population. Bonus given to employees for maintaining a high level of safety in the workplace, usually in a high-risk-injury work environment. All people living outside a Metropolitan Statistical Area and within an area with a population of less than 2,500. Family and environmentally friendly work arrangements that are intended to improve the lives of employees.
What are the 5 payroll steps?
- Choosing a schedule for payrolling.
- Logging employee information.
- Calculating gross amount.
- Determining payroll deductions.
- Creating a payslip and its distribution.
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Gross Pay
Refers to the preparation and transmission of tax return information to the IRS using telephone lines or a computer with a modem or Internet access. A tax that can be shifted to others, such as business property taxes. Employers can control when, where, and how the employee performs the work. Electronic preparation means that tax preparation software and computers are used to complete tax returns. A tax credit for certain people who work, meet certain requirements, and have earned income under a specified limit.
- Wealth includes assets such as houses, cars, stocks, bonds, and savings accounts.
- Severance pay is not required by law, but some employers provide it to help employees get through a period of unemployment.
- This tax is then used to fund such programs as Social Security and Medicare.
- Payment to managers or supervisors as a reward for their ability to direct the performance of a group of employees in their charge in the attainment of a specified goal.
Below is a glossary of commonly used payroll terms and their meanings. A Work Pattern details the days of the week the employee normally does and does not work. WD or Waiting Day is used when referring to the three days the employee waits before SSP starts. For example, if an employee is sick Monday-Friday, they will only receive two days SSP as the first three days are waiting days. SPL or Statutory Paternity Leave is the statutory amount an employer must allow an employee to take leave for maternity leave.
SPL: Statutory Paternity Leave
Each Payroll Vocabularyal exemption reduces the income subject to tax by the exemption amount. A foster child is any child placed with a taxpayer by an authorized placement agency or by court order. Eligible foster children may be claimed by taxpayers for tax benefits. A tax that cannot be shifted to others, such as the federal income tax. An automatic tax collected from employers and employees to finance specific programs. A bonus is given in addition to an employee’s usual compensation.
Number of injuries and/or illnesses per a predetermined number of full-time workers. Index of the change over time in the value of output, relative to a base period. Health plan that typically features a higher deductible and lower insurance premiums than traditional health plans.
Income tax withholding
Withholding– Subtract amounts from an employee’s wages for taxes, garnishments or levies and other deductions . These amounts are paid over to the government agency or other party to whom they are owed. Insurance that provides unemployment benefits to eligible workers who become unemployed through no fault of their own and who meet certain other eligibility requirements. Healthcare plan whereby employers directly assume the major cost of health insurance for their employees. Funds that employees establish as part or as all of their benefit plan contributions before taxes have been deducted from pay. Funds that employees establish as part or all of their retirement plan contributions after taxes have been deducted from pay.
What are the key tasks of payroll?
A Payroll Clerk, or Payroll Administrator, process employees' paychecks by collecting their payroll data and timesheets. Their duties include verifying employees' work hours and payment through the payroll system, issuing deductions, earnings and other statements to employees and updating payroll records regularly.
OAL or Occupational Adoption Leave is an optional payment that can be made by the employer on top of the required statutory payment. Employees who are not eligible for automatic but have a right to join a pension scheme. The payment of an amount for the whole year paid in equal instalments, normally monthly. Just share some basic information, then we’ll set everything up and import your employees’ information for you.
