Term
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Definition
| certain dollar amounts of a person's income tax that will be considered nontaxable for income tax withholding purposes |
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Term
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Definition
| a one-year period beginning on January 1 and ending on December 31 |
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Term
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Definition
| An IRS tax publication of tax tables |
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Term
| Fair Labor Standards Act (Federal Wage and Hour Law) |
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Definition
| a law that majority of employers must follow that contains rules stating the minimum hourly rate of pay and the maximum number of hours a worker will work before being paid time and a half for overtime hours worked |
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Term
| Federal income tax (FIT) withholding |
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Definition
| amount of federal income tax withheld by the employer from the employee's gross pay, the pay period, the number of allowances claimed by the employee on the W-4 form, and the marital status indicated on the W-4 form |
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Term
| FICA (Federal Insurance Contributions Act) |
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Definition
| Partof the Social Security Act of 1935, this law taxes both the employer and employee up to a certain maximum rate and wage base for OASDI tax purposes |
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Term
| Form W-4 (Employee's Withholding Allowance Certificate) |
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Definition
| a form filld out by employees and used by employers to supply needed information about the number of allowances claimed, marital status, and so forth |
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Term
| Gross earnings (gross pay) |
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Definition
| amount of pay received before any deductions |
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Term
| Individual employee earnings record |
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Definition
| an accounting document that summarizes the total amount of wages paid and the deductions for the calendar year |
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Term
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Definition
| a test that is applied to determine whether an employer must follow the rules of the Fair Labor Standards Act |
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Term
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Definition
| Health care insurance for which premiums may be paid through a deduction from an employee's paycheck |
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Term
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Definition
| gross earnings, less deductions, |
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Term
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Definition
| a length of time used by an employer to calculate the amount of an employee's earnings |
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Term
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Definition
| a multicolumn form that can be used to record payroll data |
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Term
| State income tax (SIT) withholding |
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Definition
| amount of state income tax withheld by the employer from the employee's gross pay |
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Term
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Definition
| shows amount of earnings subject to a tax |
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Term
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Definition
| One of various charts in IRS Circular E that provides information about deductions for federal income tax based on earnings and data supplied on the W-4 form |
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Term
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Definition
| a seven-day (168-hour) period used to determine overtime hours for employees |
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