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Payroll Glossary - P
Paperless Payroll: The eliminationof paper in the payroll processthrough technology and employee self service.
Participating Depository Financial Institution (PDFI): A financial institution that will accept direct deposits and transmit/receive entries.
Paycards: Stored value debit cards that are funded by employers with employees net pay. Employees can access their net pay by using the cards to make purchases or withdraw cash.
Payroll Debit Card: A debit card that is funded with payroll wages earned by an employee on a recurring basis.
Payroll Payment Voucher: A document that provides the same information as a traditional check stub but for electronic payments.
Payroll Period: The period of time for which an employer pays wages to its employees.
Payroll Processor: A commercial establishment that a companie's payroll processing is outsourced to.
Payroll Service Bureau: A company that provides payroll outsourcing services.
Payroll Tax: Any tax levied by a government entity on employees wages, tips or other compensation.
Payroll Tax Filings: All payroll tax reports, payroll tax deposits, payroll tax forms, payroll tax information returns, status reports, etc. required by a government entity on employees, employee wages, tips, other compensation.
PEO: Professional Employer Organization.
Per Diem: A flat daily rate of reimbursement for travel related expenses (e.g., meals, lodging, and incidentals) incurred by employees while traveling overnight on company business regardless of actual cost..
Percentage Method of Withholding: An allowable way to calculate federal income tax withheld from an employee's wages, often used when calculations are automated.
Positive Account Employer: An employer whose state unemployment tax contributions (SUTA) are more than the benefits paided out of its unemployment reserve account.
Power-of-Attorney: The person or persons who have authority to execute documents on behalf of the person that grants such authority.
Power-of-Attorney Form: A document normally a standard form (IRS form 2848) giving power-of-attorney to someone.
Preliminary and Postliminary Activities: Time spent by employees getting ready to work or getting ready to leave work, generally not compensable time except if the activity is essential to the employee's principal work activity.
Premium Pay: In payroll there are two meanings. It can be the additional wages above an employee's regular rate of pay that is due for workking overtime. Or it can be a different pay rate for work done on weekends, on holidays, during undesirable shifts, or for dangerous work.
Pretax Deduction: A deduction taken from gross pay, before taxes are calculated, that reduces taxable wages and payroll taxes.
Professional Employer Organization (PEO): An employee leasing company that arranges with clients to hire their employees and "Lease" them back to the client. The PEO hanfles all payroll and human resources activities for the client's employees.
Public Sector Employer: An employer that is actually a state or local governmental entity (e.g., county, city, State, village) or a political subdivision of such an entityt (e.g., school districts, water districts).