| A | B |
|---|
| Dates are the transaction processing deadlines in which payroll changes must be completed by, in order to be effective in the employee’s next regular paycheck. | Payroll Cut-offs |
| Processing is any other pay activity that takes place outside of the normal payroll processing calendar | Off-Cycle Processing |
| Section 125 or Cafeteria Plans | FSA or Flexible Benefit Plans |
| Cash or non-cash compensation employees receive for service to an employer. | Fringe benefits |
| When an employer pays an employees tax, the amount paid is an employer-provided benefit. | Grossing-Up/ Employer Paid tax |
| The value of employer provided life insurance coverage greater than $50,000.is considered imputed income. | Imputed income |
| Is the amount that is leftover on a check after the amount for Taxes and Deductions have been deducted. | Net Pay |
| Payments are disbursements or the recording of income of a non-repeating nature. | One Time Payments |
| Hours physically worked in excess of 40 in a workweek. | Overtime |
| Some companies pay employees an additional amount as an incentive for working unattractive hours of operation. | Shift Premiums (Shift Differentials) |
| The amount of federal income tax withheld from an employee’s paycheck is determined by he employee’s wages, pay period, marital status | Withholding Allowances (W-4) |
