| take-home pay |
in the context of a federal tax levy, the amount of an employee's wages that remains after all normal deductions in effect at the time the levy was received |
| tangible |
type of asset which includes land and improvements, buildings, computers and software, furniture, and automobiles |
| tax levy |
requres employers to deduct an amount of money that the employee owes, plus any penalties and interest payments, from the employee's wages and remit it to the proper government agency |
| taxpayer identification number (TIN) |
a social security number, employer identification number, or an individual taxpayer identification number which serves as the taxpayer's account number with the IRS |
| temporary help agency employees |
workers hired through temporary help agencies who are screened and trained by the agency to provide services for client firms. They are employees of the agency, rather than the client firm |
| tip credit |
reduction in the minimum wage allowed for tipped employees |
| Treasury Financial Agent (TFA) |
organization that verifies the accuracy of EFTPS enrollment information, enters it in its enrollment record database, and notifies employers of EFTPS procedures and receives EFTPS transactions |
| validity edit |
shows whether or not data entered meet the requirements set forth by a company |
| wage base |
wage limit beyond which an employee's wages are not taxed |
| wage-bracket method |
method for calculating the amount of federal income tax to be withheld from an employee's wages based on wage-bracket tables classified by the employee's marital status and payroll period |
| wage-bracket method for advance EIC |
method for calculating the amount of advance EIC payments based on wage-bracket tables classified by the employee's marital status and payroll period |
| weekly |
once per week; type of payroll period |
| white collar employees |
in the context of the Federal Wage-Hour Law, these are executive, administrative, professional (including computer-related professionals), or outside sales employees who are exempt from the law's minimum wage, overtime pay, and certain recordkeeping requirements |
| withholding |
subtracting amounts from an employee's wages for taxes, garnishments, or levies, and other deductions (e.g., medical incurance premiums, union dues); these amounts are then paid over to the government agency or other party to whom they are owed |
| withholding allowance |
reduces the amount of wages subject to federal income tax withholding based on exemptions and deductions claimed on federal income tax Form 1040 |
| workweek |
basis for determining an employee's regular rate of pay and overtime pay due under the Fair Labor Standards Act; it can be any consecutive 7-day (168 hour) period chosen by the employer (e.g., Saturday through Friday, Wednesday through Tuesday) |