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Business is the practice of making one's living or making money by producing or buying and selling products. It is also "any activity or enterprise entered into for profit."
Human resources (HR) is the set of people who make up the workforce of an organization, business sector, industry, or economy. A narrower concept is human capital, the knowledge and skills which the individuals command. Similar terms include manpower, labor, labor-power, or personnel.
Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their employees. By law, some payroll taxes are the responsibility of the employee and others fall on the employer, but almost all economists agree that the true economic incidence of a payroll tax is unaffected by this distinction, and falls largely or entirely on workers in the form of lower wages. Because payroll taxes fall exclusively on wages and not on returns to financial or physical investments, payroll taxes may contribute to underinvestment in human capital, such as higher education.
A payroll is a list of employees of a company who are entitled to receive compensation as well as other work benefits, as well as the amounts that each should obtain. Along with the amounts that each employee should receive for time worked or tasks performed, payroll can also refer to a company's records of payments that were previously made to employees, including salaries and wages, bonuses, and withheld taxes, or the company's department that deals with compensation. A company may handle all aspects of the payroll process in-house or can outsource aspects to a payroll processing company.
The Federal Insurance Contributions Act is a United States federal payroll tax payable by both employees and employers to fund Social Security and Medicare—federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers.
A professional employer organisation (PEO) is an outsourcing firm that provides services to small and medium-sized businesses (SMBs). Typically, the PEO offering may include human resource consulting, safety and risk mitigation services, payroll processing, employer payroll tax filing, workers' compensation insurance, health benefits, employers' practice and liability insurance (EPLI), retirement vehicles, regulatory compliance assistance, workforce management technology, and training and development. The PEO enters into a contractual co-employment agreement with its clientele. Through co-employment, the PEO becomes the Employer of Record (EoR) for tax purposes through filing payroll taxes under its own tax identification numbers. As the legal employer, the PEO is responsible for withholding proper taxes, paying unemployment insurance taxes and providing workers’ compensation coverage.
Human resource management (HRM) is the strategic and coherent approach to the effective and efficient management of people in a company or organization such that they help their business gain a competitive advantage. It is designed to maximize employee performance in service of an employer's strategic objectives. Human resource management is primarily concerned with the management of people within organizations, focusing on policies and systems. HR departments are responsible for overseeing employee-benefits design, employee recruitment, training and development, performance appraisal, and reward management, such as managing pay and employee benefits systems. HR also concerns itself with organizational change and industrial relations, or the balancing of organizational practices with requirements arising from collective bargaining and governmental laws.
Permatemp is a United States term for a temporary employee who works for an extended period for a single staffing client. The word is a portmanteau of the words permanent and temporary.
A financial bureau is an accounting business whose main focus is the preparation of finance for other businesses. In the United States such firms are often run by Certified Public Accountants, though a typical financial processing company will refer to itself as a bureau rather than a CPA firm, to distinguish its finance from the general tax and accounting that are generally not offered by a financial bureau. The typical client of a bureau is a small business - one just large enough for finance to be complicated to the point of a hassle, but one still small enough to not merit its own full-time finance department.
An umbrella company is a company that employs agency contractors who work on temporary contract assignments, usually through a recruitment agency in the United Kingdom. Recruitment agencies prefer to issue contracts to a limited company to reduce their own liability. It issues invoices to the recruitment agency and, when payment of the invoice is made, will typically pay the contractor through PAYE with the added benefit of offsetting some of the income through claiming expenses such as travel, meals, and accommodation.
Self-funded health care, also known as Administrative Services Only (ASO), is a self insurance arrangement in the United States whereby an employer provides health or [ disability benefits to employees using the company's own funds. This is different from fully insured plans where the employer contracts an insurance company to cover the employees and dependents.
In California, the Employment Development Department (EDD) is a department of the state government that administers Unemployment Insurance (UI), Disability Insurance (DI), and Paid Family Leave (PFL) programs. The department also provides employment service programs and collects the state's labor market information and employment data. EDD is one of California's three major taxation agencies, alongside California Department of Tax and Fee Administration and the Franchise Tax Board. In addition to collecting unemployment insurance taxes, the department administers the reporting, collection, and enforcement of the state's personal income taxes.
TriNet Group, Inc. is a Dublin, California-based professional employer organization for small and medium-sized businesses. TriNet administers payroll and health benefits and advises clients on employment law compliance and risk reduction, acting in some cases as an outsourced human resources department. TriNet is headquartered in. TriNet partners with organizations between 3 and 2,500 employees.
The Virginia Workers' Compensation Commission (VWC) is an agency of the U.S. state of Virginia that oversees the resolution of workers' compensation claims brought in that state, in accordance with the Virginia Workers' Compensation Act. The Commission has exclusive jurisdiction to adjudicate such claims. Its decisions may be appealed to the Virginia Court of Appeals. The Commission is led by a Senior Leadership team consisting of three Commissioners, an Executive Director and a Chief Deputy Commissioner. The Commissioners are appointed by the Virginia General Assembly and serve staggered six-year terms. Honorable Robert A. Rapaport, Honorable Wesley G. Marshall and Honorable R. Ferrell Newman currently serve as Commissioners. The Commissioners elect a Chairman for a term of three years. Commissioner Rapaport currently serves as Chairman. Ms. Evelyn McGill is the Commission’s Executive Director and Honorable James J. Szablewicz is the Commission’s Chief Deputy Commissioner. The Commission is headquartered in Richmond, Virginia, and has offices and hearing locations at various places around the state.
Aon Hewitt was a provider of human capital and management consulting services headquartered in Lincolnshire, Illinois in the United States. From 500 offices in 120 countries, it provided consulting, outsourcing, and reinsurance brokerage services. The "Aon Hewitt" brand and legal entities have now been absorbed into the "Aon" business, leaving obsolete the names "Hewitt" and "Aon Hewitt."
Unemployment insurance in the United States, colloquially referred to as unemployment benefits, refers to social insurance programs which replace a portion of wages for individuals during unemployment. The first unemployment insurance program in the U.S. was created in Wisconsin in 1932, and the federal Social Security Act of 1935 created programs nationwide that are administered by state governments. The constitutionality of the program was upheld by the Supreme Court in 1937.
A human resources management system (HRMS), also human resources information system (HRIS) or human capital management (HCM) system, is a form of human resources (HR) software that combines a number of systems and processes to ensure the easy management of human resources, business processes and data. Human resources software is used by businesses to combine a number of necessary HR functions, such as storing employee data, managing payroll, recruitment, benefits administration, time and attendance, employee performance management, and tracking competency and training records.
The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act to help certain businesses, self-employed workers, sole proprietors, certain nonprofit organizations, and tribal businesses continue paying their workers.
An Alternate Employer Organization (AEO) is a human resource services firm targeting small and medium-sized business. AEO offerings include payroll processing, payroll tax filing, workers’ compensation insurance, health benefits, employers’ practice and liability insurance, and workforce management technology, training and development.
Employer of Record (EOR) is a third-party organization that formally acts as the employer of a workforce on behalf of another company. The EOR assumes responsibility for legal and administrative employment tasks, such as payroll, taxes, benefits, and compliance with local labor laws. While the EOR handles these formalities, the client company oversees the daily activities and work of the employees. This arrangement is often used by companies wishing to employ workers in regions where they do not have a registered legal entity.
References
- ↑ http://www.shrm.org/hrdisciplines/Pages/CMS_011128.aspx%5B%5D
- ↑ "What is an Administrative Services Organization (AS)? | XcelHR".
- ↑ "Archived copy". Archived from the original on 2021-10-30. Retrieved 2010-07-20.
{{cite web}}: CS1 maint: archived copy as title (link) - ↑ "Administrative Services Organization (ASO)". Archived from the original on 17 May 2008.
{{cite web}}: CS1 maint: unfit URL (link) - ↑ "PEO vs ASO: The Difference" . Retrieved 2013-07-12.