Glossary
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- Payroll
- 1. The list of employees being paid for a specific pay period.
2. Payroll includes all forms of compensation, such as salaries, wages, dismissal pay, bonuses, vacation allowances, sick-leave pay, and employee contributions to qualified pension plans paid during the year to all employees. Payroll is reported before deductions for social security, income tax, insurance, union dues, etc. This definition of payroll is the same as that used by the Internal Revenue Service (IRS) on Form 941 as taxable Medicare Wages and Tips (even if not subject to income or FICA tax).