Payroll Terminology
Different rates of pay based on the shift, work, or job an employee performs
What is a Blended OT?
Employers must pay these taxes which are based on an employer's experience rating. Each state has their own cap on taxable wages.
What are State Unemployment taxes?
Allows retirement plan deferral elections to transfer seamlessly between Paycor and the plan provider
What is 360-degree 401k?
These already exist in the system for earnings and deductions and can be renamed for client's uses
What are Global Codes?
The term for Medicare and Social Security Taxes
Allow employees the ability to defer a portion of their income until retirement - common examples are 401k, 457, 403b
What is a Deferred Compensation Plan?
A report that can be reviewed before submitting payroll to ensure all hours and wages are being recorded accurately
What is a Pre-Post Payroll Journal?
Allows employees to update their own personal contact info, tax, and direct depsoit information
What is Employee Self-Service?
Amounts that reduce the employee's taxable income, therefore reducing the taxes they owe
What is a pre-tax deduction?
Additional taxes required to be withheld based on where the employee lives or works
What are local taxes?
Sets the national minimum wage and guarantees overtime pay for certain jobs
What is the Fair Labor Standars Act? (FLSA)
The service offered by Paycor to track time off for employees
What is Benefit Accruals?
What is the Cash Requirement Report?
A non-taxable earning that pays an employee back for something
What is a reimbursement?
What are Allowances?
When localities or states enter into agreements that grant credit for tax withholding to other localities or states
What is Reciprocity?
Forms required for employees to be filled out upon hire
What are the W-4 and I-9 forms?
A dedicated Paycor team handles these for payroll tax compliance and notifications from the IRS.
What are Tax Notices?
What is Overtime?
Business owners must apply for these and provide to Paycor to allow us to make tax payments on their behlf
What is a Tax ID?
A way to calculate federal withholding that uses Publication 15, Circular E
What is the Percentage Bracket Method?
The report that is available to clients to run at any point in the year to help ensure accurate W2 reporting
What is the YTD (Year to Date) List Report?
Checks offered as a payment option to use Paycor bank account and routing numbers
What are Paycor Official Checks (POC)?
Allow employees to elect to pay for qualified benefits and reduce Federal, State, Medicare, and Social Security taxes
What are 125 Cafeteria Plans?
Tax withheld from EE's at a rate of 2.35% over $200,000
What is Medicare?