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Payroll Glossary - T
Take-Home Pay: In the context of a federal tax levy, employee's wages rmaining after normal deductions have been subtracted.
Tax Equalization Plan: An arrangement provided by an employer for employees working in foreign countries that provides the employee with the same take-home pay as they would have had in the US.
Tax Protection Plan: An arrangement provided by an employer for employees working in foreign countries that guarantees the employee a foreign tax obligation no larger than would have been their tax obligation in the US.
Tax Reform Act of 1986 (TRA .86): Tax legislation that lowered tax rates and sought to eliminate some of the loopholes in the existing tax code.
Taxable Wage Base: Maximum amount of employee compensation subject to social security, FUTA, and SUTA (amounts will be different).
Taxpayer Identification Number (TIN): A social security number (SSN) or employer identification number (EIN), which serves as the taxpayer's account number with the IRS for that entity.
TEFRA: Tax Equity and Fiscal Responsibility Act of 1982.
Temporary Assignment: See Short-Term Assignment.
Temporary Help Agency Employees: Workers hired through a company that provides workers for short periods of time. They are employees of the company, rather than the client firm they perform duties for.
Third-Country National: In the context of US payroll, someone not a US citizen working in a country other than the US.
Third-Party Sick Pay: Payments made by a third party, such as a state fund or insurance company, to employees because of illness or non work related injury.
Time-and-a-Half: Payment of 150 percent of an employee's standard rate of pay. Required for hours over 40 in a standard work week by the Federal Wage-Hour Law (FLSA) (for nonexempt employees only).
TIN: Taxpayer Identification Number.
Tip Credit: A credit against the minimum wage allowed for employees whose regular course of business includes receiving tips (e.g.,credit cannot exceed 50% of the federal minimum wage).
Trust Fund Taxes: The monies withheld from employees' wages for federal income tax, social security, and Medicare. Referred to as trust fund taxes since the money is held in trust for the United States government. Amounts withheld for state and local income taxes are held in trust for the state or local government.