Overtime is the amount of time someone works beyond normal working hours. The term is also used for the pay received for this time. Normal hours may be determined in several ways:
A signing bonus or sign-on bonus is a sum of money paid to a new employee by a company as an incentive to join that company. They are often given as a way of making a compensation package more attractive to the employee. It also lowers the risk to the company as it is a one-time payment; for example, if the employee does not meet expectations, the company has not committed to a higher salary. Signing bonuses are often used in professional sports, and to recruit graduates into their first jobs.
A company's payroll is the list of employees of that company that are entitled to receive pay and the amounts that each should receive. 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 calculates and pays out these amounts. One way that payroll can be handled is in-house. This means that a company handles all aspects of the payroll process on its own, including timesheets, calculating wages, producing pay checks, sending the ACH, or Automated Clearing House, for any direct deposits, and remitting any tax payments necessary. Payroll can also be outsourced to a full-service payroll processing company. When a company chooses to outsource their payroll, timesheets, wage calculations, creating pay checks, direct deposits, and tax payments can be handled all, or in part, by the payroll company.
The National Merit Scholarship Program is a United States academic scholarship competition for recognition and university scholarships administered by the National Merit Scholarship Corporation (NMSC), a privately funded, not-for-profit organization based in Evanston, Illinois. The program began in 1955.
In horse racing, the term purse distribution may refer to the total amount of money paid out to the owners of horses racing at a particular track over a given period of time, or to the percentages of a race's total purse that are awarded to each of the highest finishers. This article focuses on the latter definition.
The Thrift Savings Plan (TSP) is a defined contribution plan for United States civil service employees and retirees as well as for members of the uniformed services. As of December 31, 2018, TSP has approximately 5.5 million participants, and more than $558 billion in assets under management; it is the largest defined contribution plan in the world. The TSP is administered by the Federal Retirement Thrift Investment Board, an independent agency.
In European football, the UEFA coefficients are statistics used for ranking and seeding teams in club and international competitions. Introduced in 1979, the coefficients are calculated by UEFA, who administer football within Europe.
The Federal Employees' Retirement System (FERS) is the retirement system for employees within the United States civil service. FERS became effective January 1, 1987, to replace the Civil Service Retirement System (CSRS) and to conform federal retirement plans in line with those in the private sector.
The Modified Accelerated Cost Recovery System (MACRS) is the current tax depreciation system in the United States. Under this system, the capitalized cost (basis) of tangible property is recovered over a specified life by annual deductions for depreciation. The lives are specified broadly in the Internal Revenue Code. The Internal Revenue Service (IRS) publishes detailed tables of lives by classes of assets. The deduction for depreciation is computed under one of two methods at the election of the taxpayer, with limitations. See IRS Publication 946 for a 120-page guide to MACRS.
Superannuation in Australia are the arrangements put in place by the Government of Australia to encourage people in Australia to accumulate funds to provide them with an income stream when they retire. A type of employment funded pension, superannuation in Australia is partly compulsory, and is further encouraged by tax benefits. The government has set minimum standards for contributions by employees as well as for the management of superannuation funds. It is compulsory for employers to make superannuation contributions for their employees on top of the employees' wages and salaries. The employer contribution rate has been 9.5% since 1 July 2014, and as of 2015, was planned to increase gradually from 2021 to 12% in 2025. People are also encouraged to supplement compulsory superannuation contributions with voluntary contributions, including diverting their wages or salary income into superannuation contributions under so-called salary sacrifice arrangements.
Form W-4 is an Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation to the employer. The W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck.
In a group tournament, unlike a knockout tournament, there is no scheduled decisive final match. Instead, all the competitors are ranked by examining the results of all the matches played in the tournament. Typically, points are awarded for each match, with competitors ranked based either on total number of points or average points per match. Usually each competitor finishes with an equal number of matches, in which case rankings by total points and by average points are equivalent at the end of the tournament, though not necessarily while it is in progress. Examples with unequal numbers of matches include the 1895 County Championship in English cricket, and the U.S. National Football League prior to 1972, when tie games were excluded from the winning percentage used for regular-season standings.
A life annuity is an annuity, or series of payments at fixed intervals, paid while the purchaser is alive. A life annuity is an insurance product typically sold or issued by life insurance companies.
When two or more individuals engage in enterprise as co-owners, the organization is known as a partnership. This form of organization is popular among personal service enterprises, as well as in the legal and public accounting professions. The important features of and accounting procedures for partnerships are discussed and illustrated below.
In the United States, the question whether any compensation plan is qualified or non-qualified is primarily a question of taxation under the Internal Revenue Code (IRC). Any business prefers to deduct its expenses from its income, which will reduce the income subject to taxation. Expenses which are deductible ("qualified") have satisfied tests required by the IRC. Expenses which do not satisfy those tests ("non-qualified") are not deductible; even though the business has incurred the expense, the amount of that expenditure remains as part of taxable income. In most situations, any business will attempt to satisfy the requirements so that its expenditures are deductible business expenses.
A defined benefit pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum or combination thereof on retirement that is predetermined by a formula based on the employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provided defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay.
The NHL salary cap is the total amount of money that National Hockey League (NHL) teams are allowed to pay their players. It is a "hard" cap, meaning there are no exemptions.
Compensation and benefits (C&B) is a sub-discipline of human resources, focused on employee compensation and benefits policy-making. While compensation and benefits are tangible, there are intangible rewards such as recognition, work-life and development. Combined, these are referred to as total rewards. The term "compensation and benefits" refers to the discipline as well as the rewards themselves.
Cost to company (CTC) is a term for the total salary package of an employee, used in countries such as India and South Africa. It indicates the total amount of expenses an employer (organisation) spends on an employee during one year. It is calculated by adding salary to the cost of all additional benefits an employee receives during the service period. If an employee's salary is ₹500,000 and the company pays an additional ₹50,000 for their health insurance, the CTC is ₹550,000. Employees may not directly receive the CTC amount.
The Basketball Champions League rankings are the competition's criteria for ordering teams and leagues according to their performance with the aim to give an objective process for determining the participation of clubs each season.
