Expense reimbursement form

Back Pay refers to the difference between the salary an employee was paid and the amount they should have been paid. This usually occurs due to errors in payroll or when an employer fails to pay a worker their full wages, overtime, or minimum wage. A settlement of back pay may also be awarded if an employee wins an employment dispute.

Compensation refers to the total amount of the monetary and non-monetary pay provided to an employee by an employer in return for work performed as required. It includes elements such as base salary, allowances, reimbursements, bonus, stock options, and benefits such as medical insurance and retirement plans. Compensation is a primary motivator for employees, and it also represents a major cost for companies.

Direct deposit is a type of electronic funds transfer used to send money directly into a recipient's bank account, bypassing the need for physical checks. This method is commonly used for salary payments, tax refunds, and benefit disbursements. It offers convenience, speed, and increased security for both the sender and receiver.

An employment contract is a legally binding document that outlines the formal agreement between an employer and an employee. This agreement defines the terms and conditions related to the job, including job responsibilities, salary, benefits, working hours, and termination conditions. It provides protection for both parties involved and helps prevent potential disputes.

Exempt employees are categories of employees who are exempt from certain labor laws, including specifically from overtime pay provisions. This includes typically high-level positions such as executives, professionals, and outside sales employees. Their salary isn't based on the number hours worked and they aren't eligible for overtime, regardless of the amount of hours they work per week.

Federal Income Tax (FIT) is a tax levied by the federal government on the annual earnings of individuals, corporations, trusts, and other legal entities. It is a major source of revenue for the federal government and helps fund its operations and programs. The progressiveness of FIT means those with higher incomes have higher tax rates, allowing for income redistribution.

A Flexible Spending Account (FSA) is a type of savings account that provides employees with specific tax advantages. The account allows employees to contribute a portion of their regular earnings to pay for qualified expenses, such as medical or dependent care costs. The funds in an FSA are contributed pre-tax, therefore reducing the amount of income tax you have to pay.

HSA Reimbursement refers to the process in which an individual withdraws funds from their Health Savings Account (HSA) to cover qualifying medical expenses. This can include doctor visits, prescriptions, dental and vision care, and various other health-related services. Reimbursements from an HSA are tax-free when they're used to pay for eligible medical expenses.

The Operating Budget refers to a detailed projection of all estimated income and expenses that a business expects to incur over a certain period, typically quarterly or annually. It usually includes expenses for running daily operations and revenues from core business activities. This budget is an essential tool for planning and managing resources effectively and efficiently.

Payroll Deduction is a term that refers to any amount deducted from employee's earning by the employer. It can include taxes, insurance premiums, retirement contributions, and deductions for employee benefits. These deductions are typically managed in accordance with government regulations and employment contracts.

Workers' Compensation is a type of insurance that provides wage replacement and medical benefits to employees injured in the course of employment. It is a mandatory type of insurance carried by many businesses and is considered a trade-off where employees receive guaranteed coverage without having to litigate their employer for compensation. This system allows for protection of both employers and employees in case of workplace accidents.