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Payroll GlossaryA B C D E F G H I J K L M N O P Q R S T U V W X Y ZCafeteria Plan - A Cafeteria Plan is a plan that offers very flexible benefits. The employees have a choice of choosing which benefits they want. Some of the benifits can be paid with the pre-tax deductions from wages.Child Support Withholding - This is the process of withholding money from an employees compesentation. It is withheld to pay the child support order from the court or a welfare agency. The person responsible to the withholding amounts is the employer. Circular E - This is a publication that contains rules, instructions, guidelines for withholding amounts. Compensation - This is the payment that the employee receives for the services he provided to the employer. Compensatory Time - This is the money given to the employee for working extra hours. Consolidated Omnibus Budget Reconciliation Act of 1985(COBRA) - This is a federal law that requires employers to offer coverage for employees. The employee who is seeking coverage pay have to pay over 100% of the premium. Credit - This is a basic term in accounting that is used to increase liabilities and revenue. |
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