HR Glossary

What are Fringe Benefits?  Definition below: Fringe benefits include many common supplements such as health benefits, retirement plans, paid vacation time, a company car, etc.…

What is Form 940?  Definition below: Unemployment tax under the Form 940 is not to removed from an employee's pay. This specific tax is required…

What is the Family and Medical Leave Act of 1993 (FMLA)?  Definition below: Under the Family and Medical Leave Act of 1993, an employee's job…

What is a Flexible Spending Account (FSA)?  Definition below: Money in a Flexible Spending Account (FSA) is not taxed and can be used for out-of-pocket…

What is the Federal Unemployment Tax Act (FUTA)?  Definition below: The Federal Unemployment Tax Act (FUTA) is required of most companies and is owed to…

What is a Federal Tax Deposit?  Definition below: By withholding a federal tax deposit, employers can pay their federal tax obligation to the Internal Revenue…

What is the Fair Labor Standards Act (FLSA)?  Definition below: The purpose of the Fair Labor Standards Act is to protect the rights of employees…

What is an Exit Interview?  Definition below: An exit interview is a vital form of communication prior to the separation of an employee and his…

What is an Employment Contract?  Definition below: The employee contract contains information such as job title, date of hire, compensation, benefits, confidentiality terms, company polices,…

What is an Employee Identification Number (EIN)?  Definition below: An Employee Identification Number (EIN), sometimes referred to as a Tax ID Number, is unique to…