The pay processed whenever a job record has an effective date in the middle of a pay period. Typically, this happens whenever you hire, terminate, transfer, or change the rate of pay for an employee mid-period.
Formula which calculates an employee's gross to net.
A set of employees grouped together for payroll processing.
The frequency that the employer elects to pay wages and benefits (e.g., weekly, biweekly, or monthly). The established time segments for which employees in a pay group are paid. Pay Periods are defined by their beginning and ending dates.
Include the record keeping, new employee reporting, check processing, state and local tax compilation, and payments.
A deduction from pay that reduces the taxable wages.
Prior Period Adjustment
A correction to previously reported time or task information, or an insertion of time or task information that may require the original report to be offset (reversed) and the correct information to be recorded.