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Payroll
CMA03
Term | Definition |
---|---|
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 |