Cloud Computing: Refers to your files and software that live in "the cloud" (large file servers accessed through the Internet). Not only is your payroll data stored in the cloud (and backed up in yet another cloud), but the software you use to access the data also lives in the cloud and not on your computer.
Deep Data Analysis: The ability to compare a company's payroll information with standards established by analyzing the records of thousands of other companies.
Direct Deposit: Paying employees through direct transfer from your designated bank account(s) into their designated bank account(s).
Electronic Tax Filing (eFile): Filing tax forms and tax returns electronically. Eliminates printing and mailing tax forms-and usually automates completing the form.
Electronic Tax Payments (ePay): Making tax payments electronically, directly from your designated banking account(s) to taxing authorities including the Internal Revenue Service, and state and local tax departments.
Form W-4: Internal Revenue Service Form W-4 is completed by the employee when he or she is first hired. It indicates the federal tax-deduction preferences used to set up the employee in the payroll system.
Form W-2: Internal Revenue Service Form W-2 is a summary of an employee's annual wages and deductions. It is calculated by the employer and provided to the employee and the IRS.
Form 941: Internal Revenue Service Form 941 is used by employers to file statements indicating payroll paid out and payroll taxes withheld.
Levels of Permission: Also called levels of "access," permissions determine who can access what data in the payroll system and who can modify it.
System User: Any person who accesses the payroll services. Users may have different levels of permission, allowing greater or lesser access to payroll data and functions.
Tax Tables: Guidelines published by the Internal Revenue Service and state governments for deducting taxes from employee paychecks. These tables are automatically updated in most online payroll services.
Unemployment Insurance: Collected by the federal government and state governments, unemployment insurance is a payroll-based tax that must be remitted to the government.
Withholding Taxes: Social security taxes, Medicaid taxes, and federal and state income taxes are usually held back from employee paychecks and remitted directly to the government.
Workers' Compensation Insurance: Many states require employers to provide workers' compensation insurance to cover their employees in the event of an accident or injury at work.