Dictionary of Payroll Terms in Visual Studio .NET

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APPENDIX B
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Dictionary of Payroll Terms
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401k Plan A retirement plan set up by an employer, into which employees can contribute the lesser of $13,000 or 15 percent of their pay (as of 2004), which is excluded from taxation until such time as they remove the funds from the account 403b Plan A retirement plan similar to a 401k plan, except that it is designed specifically for charitable, religious, and education organizations that fall under the tax-exempt status of 501(c)(3) regulations ABC Test A test used to determine the status of an employee under a state unemployment insurance program, where a person is a contractor only if there is an Absence of control by the company, Business conducted by the employee is substantially different from that of the company, and the person Customarily works independently from the company Alien The citizen of a country besides the United States Automated Clearing House (ACH) A banking clearinghouse that processes direct deposit transfers Benefit Ratio Method The proportion of unemployment benefits paid to a company s former employees during the measurement period, divided by the total payroll during the period This calculation is used by states to determine the unemployment contribution rate to charge employers Benefit Wage Ratio Method The proportion of total taxable wages for laid off employees during the measurement period divided by the total payroll during the period This calculation is used by states to determine the unemployment contribution rate to charge employers Cafeteria Plan A flexible benefits plan authorized under the Internal Revenue Code allowing employees to pay for a selection of benefits with pay deductions, some of which may be pretax Clear Card A credit card from which payments are deducted over subsequent time periods Compensation All forms of pay given to an employee in exchange for services rendered Consolidated Omnibus Budget Reconciliation Act (COBRA) A federal Act containing the requirements for offering insurance to departed employees
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272 / Accounting for Payroll
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Consumer Credit Protection Act A federal Act specifying the proportion of total pay that may be garnished Contract Work Hours and Safety Standards Act A federal Act requiring federal contractors to pay overtime for hours worked exceeding 40 per week Contribution Rate The percentage tax charged by a state to an employer to cover its share of the state unemployment insurance fund Coverdell Education IRA A form of individual retirement account whose earnings during the period when funds are stored in the IRA will be tax free at the time when they are used to pay for the cost of advanced education Current Tax Payment Act of 1943 A federal Act requiring employers to withhold income taxes from employee pay Davis-Bacon Act of 1931 A federal Act providing wage protection to nongovernment workers by requiring businesses engaged in federal construction projects to pay their employees prevailing wages and fringe benefits Defined Benefit Plan A pension plan that pays out a predetermined dollar amount to participants, based on a set of rules that typically combine the number of years of employment and wages paid over the time period when each employee worked for the company Defined Contribution Plan A qualified retirement plan under which the employer is liable for a payment into the plan of a specific size, but not for the size of the resulting payments from the plan to participants Direct Deposit The direct transfer of payroll funds from the company bank account directly into that of the employee, avoiding the use of a paycheck Educational Assistance Plan A plan that an employer creates on behalf of its employees covering a variety of educational expenses incurred on behalf of employees, for which they can avoid recognizing some income Electronic Federal Tax Payment Systems (EFTPS) An electronic funds transfer system used by businesses to remit taxes to the government Employee A person who renders services to another entity in exchange for compensation Employer A person or entity that directs and controls the work of individuals in exchange for compensation Employee Retirement Income Security Act of 1974 (ERISA) A federal Act that sets minimum operational and funding standards for employee benefit plans Employee Stock Ownership Plan (ESOP) A fund containing company stock and owned by employees, paid for by ongoing contributions by the employer Equal Pay Act of 1963 A federal Act requiring that both sexes receive equal pay in situations where work requires equivalent effort, responsibility, and skills, performed under similar working conditions Escalating Price Option A nonqualified stock option that uses a sliding scale for the option price that changes in concert with a peer group index
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Dictionary of Payroll Terms / 273
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Fair Labor Standards Act of 1938 A federal Act creating standards of overtime pay, minimum wages, and payroll recordkeeping Family and Medical Leave Act A federal Act containing the rules for offering health insurance to employees who are on leave Federal Employer Identification Number A unique identification number issued by the federal government used for payroll purposes to identify the company when it deals with the Internal Revenue Service Federal Insurance Contributions Act of 1935 (FICA) A federal Act authorizing the government to collect Social Security and Medicare payroll taxes Federal Unemployment Tax Act (FUTA) A federal Act requiring employers to pay a tax on the wages paid to their employees, which is then used to create a pool of funds to be used for unemployment benefits FICA The acronym for the Federal Insurance Contributions Act, also used to describe the combined amount of Social Security and Medicare deductions from an employee s pay Flexible Spending Account A form of cafeteria plan allowing employees to pay for some medical or dependent care expenses with pretax pay deductions Form 1099 A form used by businesses to report to the government payments made to certain types of suppliers Form 4070 A form used by employees to report to an employer the amount of their tip income Form 668-W The standard form used for notifying a company to garnish an employee s wages for unpaid taxes Form 8027 The form used by employers to report tip income by their employees to the government Form 940 A form used to report federal unemployment tax remittances and liabilities Form 940-EZ A shortened version of the Form 940 Form 941 A form used to identify to the government the amount of all quarterly wages on which taxes were withheld, the amount of taxes withheld, and any adjustments to withheld taxes from previous reporting periods Form I-9 The Employment Eligibility Verification form, which must be filled out for all new employees to establish their identity and eligibility to work Garnishment A court-ordered authorization to shift employee wages to a creditor Green Card The I-551 Permanent Resident Card, held by a resident alien Gross Pay The amount of earnings due to an employee prior to tax and other deductions Health Insurance Portability and Accountability Act of 1996 (HIPAA) A federal Act expanding upon many of the insurance reforms created by COBRA In particular, it ensures that small businesses will have access to health insurance, despite the special health status of any employees
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