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Payroll

CMA03

TermDefinition
FLSA- Sets the minimum wage and overtime wages employers are required to pay employees.
Civil Rights Act of 1964- Prohibits discrimination in hiring, firing, or promoting employees.
ADEA- Prohibits the use of unfair employment practices regarding people over 40 years of age.
ADA- Prohibits unfair employment practices regarding occupationally qualified persons with disabilities.
ERISA- Protects pension funds and regulates pension fund operations.
Immigration Reform Act of 1985- Employers must certify that employees are authorized to work in the United States.
Employer- One who hires one or more persons to perform specified job duties in the United States.
Employee- One who is under the control and direction of another with regard to the performance of a job.
Salary- Compensation for administrative, managerial, or professional work.
Exempt- The employer is not required to pay time and a half for overtime.
Nonexempt- The employer is required to pay time and a half for overtime.
Wage- Compensation for skilled or unskilled labor, usually an hourly rate.
Independent Contractor- One who provides a service for a fee, no payroll deductions will be assesed.
Productive Time- Total hours paid on duty performing a job function.
Nonproductive Time- Total hours paid while not on duty, e.g. vacation, sick days, etc.
FTE- Represents one full time employee paid for one year
Current Tax Payment- Requires employers to withhold income tax on a pay-as-you-go basis.
FICA- Includes Social Security and Medicare tax.
FUTA- Tax employers pay to support unemployment insurance
Form SS-4- Application for Employer Identification Number.
Form SS-5- Social Security number application.
Form W-2- Wages and Tax Statement.
Form W-3- Transmittal of Income and Tax Statements.
Form W-4- Employee’s Withholding Allowance Certificate.
Form 940- Employer’s Annual Federal Unemployment Tax Return.
Form 941- Employer’s Quarterly Federal Tax Return.
Garnishments- Deductions authorized by a court of law for overdue debts.
Tax Levies- Deductions imposed by the IRS for overdue
I-9- Employment Eligibility Verification Form
Created by: itsdelis