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Payroll Glossary - M
Magnetic Media Reporting: Use of electronic media for filing information with federal/state and municipal agencies, including magnetic tape, diskettes, cartridges, or direct and internet forms of filing.
Magnetic Media Reporting and Electronic Filing (MMREF) Specifications: Set of specifications for filing Forms W-2 and W-2c with the SSA on electronically.
Medical Savings Account (MSA): An plan that allows an employer or an employee (but not both) to put tax-preferred contributions into an account for the payment of health care deductibles. The plan includes a high deductible health insurance policy.
Medical Support Withholding: The process of withholding dollars from an employee's wages to satisfy a medical support order from a court or a state child welfare administrative agency. The employer is responsible for withholding the amounts and paying them over to the party named in the medical support withholding order.
Medicare: A federal medical insurance plan for individuals aged 65 or older and some disabled persons. It is funded through the Medicare insurance portion of the FICA tax.
Minimum Wage: The lowest wage that an employer can legally pay its employees per hour under federal or state law.
Monopolistic State: A state that administers its own workers compensation plan and benefits solely through a state fund, prohibiting employers from purchasing commercial workers compensation insurance from a private insurance carrier.
Multiple Worksite Report (MWR): A report promulgated by the Bureau of Labor Statistics to collect statistical information on United States businesses with more than one worksites.