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Payroll Glossary - S
Savings Incentive Match Plans for Employees of Small Employers (SIMPLE Plans): Retirement plans small business (no more than 100 employees) that have simpler rules and requirments than other retirement plans.
Self-Employment Contributions Act (SECA): Federal statue that requires self-employed individuals to pay in FICA and Medicare taxes due normally due from the employer and employee.
Shift Differential: Additional wages paid to some employees for working a less desirable shift (e.g., second or third shift).
Short-Term Assignment: A job assignment that is expected to or actually does last less than one year.
Simplified Employee Pension (SEP): An Individual Retirement Arrangement (IRA) with specific participation rules, available to some smaller employers.
Split Shifts: A workday that is has several parts separated by a period of hours longer than the conventional rest period or meal time.
Statutory Employees: Specific types of employees spelled out in statute(e.g., full-time life insurance salespeople, certain homeworkers) whose earnings are not subject to federal income tax withholding, , but are subject to FICA and FUTA.
Statutory Nonemployees: Specific types of employees who might be common law employees but are specifically treated under the law as independent contractors (e.g., qualified real estate agents and direct sellers) whose compensation is not subject to federal income tax withholding or employment taxes. The compensation is taxable on their personal tax return.
Stored Value Card: A device that enables the cardholder to transfer the underlying funds (i.e., the funds received by the issuer of the card in exchange for the issuance or reloading of the card) to a merchant at the merchant's point-of-sale terminal. (Definition courtesy of The Federal Reserve)
Straight Time: The regular number of hours in a workweek for which an employee's standard rate of pay will be paid.
Supper Money: The irregular and occasional payment of money to employees who work past regular working hours to reimburse the cost of meals consumed during that extra working time.
Supplemental Unemployment Benefits (SUB): Employer plans that provide additional payments supplements beyond what the state supplies as unemployment compensation benefits.
Supplemental Wages: Compensation paid to employees that is not their regular pay, such as bonuses, commissions, and severance pay. Income tax will be withheld from such compensation at the IRS designated flat rate in effect when paid.