Payroll Vocabulary Explained

We break down payroll’s complex terms from A to Z for easy understanding.

Salary

A salary refers to a consistent, predetermined amount of compensation paid to an employee in exchange for the work they perform for their employer. Understanding Salary in the Workplace The

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Retroactive pay

Retroactive pay refers to money added to an employee’s paycheck to correct a previous payroll error. If an employee is underpaid, whether due to miscalculated wages, missed raises, or delays

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Remuneration

Remuneration refers to the total compensation an employee receives from their employer. This includes not just their base salary or hourly wage, but also any bonuses, commissions, overtime earnings, and

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Qualifying life event (QLE)

A qualifying life event (QLE) refers to a significant personal or family change that impacts a person’s health insurance needs or eligibility. Recognized by the IRS, these events trigger a

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