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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 ZAccelerated Deposit Rule - This is a rule that requires employers who accrue a tax liability of $100,000 or more during a deposit period. They have to deposit taxes that are withheld within one banking day of when the liability was incurred. This is sometimes called the one-day rule.Accrual - Recognition of liabilities, assets, and expenses after the cash value's been calculated, but it is before it has transferred. Advanced Earned Income Credit - Payments of income credit that has been earned during the fiscal year to employees who expect to be eligible for the earned income credit. The payments are made by the employers out of federal income, Medcare and Social Security from the employees wages. After Tax Deduction - Deduction from a employee pay that doesn't reduce the employees wages that are taxable. The after tax deduction is only taken out after all the applicable taxes and deductions have been withheld. Alien - A citizen of a country that is not the United States. Annual Wage Reporting - The Social Security system of recording wages that are reported annually by employers. Automated Clearing House - A private financial institution or a federal reserve bank that acts like a clearinghouse for direct deposit transactions. The entries that get submitted are received and transmitted by the Automated Clearing House under the association. |
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