• What: A company files Form 940 to report their annual Federal Unemployment Tax Act (FUTA) tax. Together with state unemployment tax systems, the FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Most employers pay both a federal and a state unemployment tax. Only employers pay FUTA tax. 

What: Employer’s Quarterly Federal Tax Return is the basic employment tax return filed by most employers. It provides the IRS with a report of each employer’s total taxable wages paid, and payroll tax liability. Must be filed by all employers who withhold federal income tax from employee compensation and who must withhold and pay social security and/or Medicare taxes

• What: Employer's Annual Tax Return, is filed annually by employers designated to do so by the IRS. Generally, Form 944 filers have a history of annual tax liabilities that are $1,000 or less.

• What: Any contractor working on a government-funded job must pay their workers according to the predetermined prevailing wage. Submitting a certified payroll report on a regular basis serves as proof that you are compliant with this requirement.

• Why: We have option to produce the certified payroll report and cover sheet each payroll to send to designated government agency.

What: Businesses with workers who receive tips in the food & beverage industry are entitled to a “tip credit” which is formally called the IRS 45(B) credit for taxes they pay on tip wages that go above the federal minimum wage, which right now is at $7.25.

Why: We provide a report that helps fill out the 8846 form when filing annual taxes to the IRS, so that the business can take advantage of savings they will receive from this credit.

• What: A special account you put money into that you use to pay for certain out-of-pocket health care costs. This means you'll save an amount equal to the taxes you would have paid on the money you set aside.

• What: the process of deducting money from an employee's monetary compensation (including salary), usually as a result of a court order. Wage garnishments may continue until the entire debt is paid or arrangements are made to pay off the debt. Ex: child support, bankruptcy, etc.

·      What: the main accounting record of a company. General ledgers have to keep a budget and typically have budgets by department.

• Why: Paylocity can map to exactly how these departments are set up upon implementation, giving us the ability to provide a simple report to upload into the GL.

·       What: When you pay for benefits with pre-tax (also called before-tax) dollars, then the deductions are taken off your gross income before income taxes are paid

• What: A tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to this account are not subject to federal income tax at the time of deposit.

·     What: Monetary fund accrued to cover the cost of employees' holidays, as opposed to a holiday scheme, which accrues days available to be taken as holiday. When your employee takes holiday you can use the accrued money from the holiday fund to pay their wages.

• What:Employees charge their time to specific jobs, which are then assigned to the jobs based on the labor cost of the employees.

• Why:The Job Costing feature within Web Pay can be used to allocate wages and hours to a Job Code instead of Cost Centers. 

• What:The process of charging percentages of an employee's salary to the grants activities and specific general ledger accounts (departments) that fund the employee's salary when payroll is processed. During the payroll cycle, labor distributions are applied to employee time records.

• What: Federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers. 1.45% -Employers must match dollar for dollar of FICA taxes.

• What: Wages excluded from Workers Comp Premium. Ex: Jury Duty, Maternity Leave, etc.

• What: The hourly wage, usual benefits and overtime, paid in the largest city in each county, to the majority of workers, laborers, and mechanics. Prevailing wages are established, by the Department of Labor & Industries, for each trade and occupation employed in the performance of public work. They are established separately for each county, and are reflective of local wage conditions.

•  What: An amount paid to an employee upon dismissal or discharge from employment.

• Why: Our system has an “effective date” – refers to the date of incident ex: termination, and “begin check date” refers to when we actually cut their last check. After this the system will automatically stop paying employee.

• What: Extra pay received by employee for working a less-than desirable shift (ex: late nights, evenings). 

• Why: Our web time solution allows employees to clock in at multiple rates depending on the shift making sure pay is accurate in web pay for employer come check date.

• What: a United States federal payroll (or employment) contribution directed towards both employees and employers to fund Social Security (6.2%) Employers must match dollar for dollar of FICA taxes.

• What: A form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue their employer for the tort of negligence. Employers have to pay higher rates for riskier jobs or departments (example – roofer vs. secretary).