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Payroll Glossary - G
Garnishee: In a payroll an employer that has served on him an order obligating that the employer withhold from an employee's pay to satisfy a debt. A garnishee can also be a employee against whom a creditor has prosecuted a of garnishment of wages.
Garnishment: A legal proceeding obligating involuntary transfer of an employee's earnings to a creditor to satisfy an order.
Golden Parachute: Payments made to senior business executives in excess of their usual compensation (e.g.,stock options, bonuses) when the business is sold and they are terminated from employment.
Green card: INS Form I-551, Permanent Resident Card, which entitles the bearer to permanent resident status in the United States and provides proof of work authorization and identity under the Immigration Reform and Control Act (formerly known as the Alien Registration Receipt Card).
Gross-up: An calculation that employers can use to figure the taxable gross wages when the employer chooses to pay the employee's share of tax.
Group-term Life Insurance (GTL): Term life insurance that is provided for employees as a group, with the premiums being paid by the employer, the employee, or both.
Guaranteed Annual Wage (GAW): A plan guaranteeing employees their annual income (irregardless of the work at hand) or that the employees will be kept on the payroll regardless (although possibly at a lower wage)