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Payroll Glossary - L
LAN: Local Area Network.
Leased Employees: Employees of a leasing company who are hired and trained for the client through the leasing company. Taxing, withholding, depositing, deductions and reporting responsibilities remain with the leasing company.
Levy: An attachment to wages to satisfy a legal tax debt or a judgment.
Long-Term Assignment: A job assignment that is actually expected to last more than a year.
Long-Term Care Insurance: An insurance policy for coverage of long-term care services, including diagnostic, preventive, treating, mitigating and rehabilitative services. The policy is treated as an accident and health insurance policy for payroll tax purposes.
Lookback Period: The 12-month period running from July 1 of the second preceding calendar year through June 30 of the preceding calendar year. The employer's payroll tax liability during this period determines weather it is a semi-weekly or monthly tax depositer.