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March 29, 2024
Payroll services and payroll professionals provide services including employee paycheck processing, tax form preparation and filing, wage reports, and more.

Glossary of Terms Related to Payroll Processing of Employee Paychecks

The TOP 10 Payroll Services in Santa Clara County CA

The TOP 10 Payroll Services in Santa Clara County CA

TeamWorks, Inc

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(408) 243-3970
122 Saratoga Ave Suite 100
Santa Clara, CA 95051

Areas Served: San Jose CA, Santa Clara CA, Sunnyvale CA, Palo Alto…

Xact Payroll Service

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(408) 245-4787
118 South Sunnyvale Ave
Sunnyvale, CA 94086

Areas Served: San Jose CA, Palo Alto CA, Santa Clara CA, Sunnyvale…

Alpha B Group

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(408) 730-4000
464 S. Sunnyvale Ave
Sunnyvale, CA 94086

Areas Served: Santa Clara CA, San Jose CA, Mt View CA, Sunnyvale…

TJO & Associates, Inc

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(888) 378-0483
51 E. Campbell Ave Suite 150
Campbell, CA 95008

Areas Served: San Jose CA, Mt View CA, Santa Clara CA, Sunnyvale…

JM Williams Payroll Services

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(408) 266-1040
4340 Almaden Expressway, Suite 111
San Jose, CA 95118

Areas Served: Santa Clara CA, San Jose CA, Cupertino CA, Sunnyvale CA,…

Carson & Crew Payroll

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(408) 445-6100
3680 Charter Park Drive Suite E
San Jose, CA 95136

Areas Served: San Jose CA, Saratoga CA, Sunnyvale CA, Santa Clara CA,…

Pay N Time Payroll Services

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(408) 927-0047
6455 Almaden Expressway
San Jose, CA 95120

Areas Served: San Jose CA, Sunnyvale CA, Santa Clara CA, Mt View…

Glossary of Terms Related to Payroll Processing of Employee Paychecks

 

Advance Earned Income Credit: If employees are eligible for this tax credit, it can be advanced to them by withholding less federal income tax from each employee paycheck.    

Archer Medical Savings Account: A pre-tax account where either an employee or employer (not both) can deposit funds for use at a later date.

Cafeteria Plan: A plan where pre-tax benefits are taken out of employee pay.    

Circular E Employers Tax Guide: A guide published annually that outlines employer tax responsibilities. 

Constructive Receipt: When employee pay is made available.  For example, direct deposit of employee pay into their own account means constructive receipt is achieved earlier than issuing a paper employee check.

Deferred Compensation: A deferral of a portion of employee pay to a future date, such as a pension plan, 401K or employee savings account.

Defined Benefit Plan: A plan of employee benefits usually based on pay rate and length of employment, where only the employer makes contributions to the account.

Direct Deposit: The process of depositing employee paycheck amounts directly into the employee bank account.  Construction receipt is achieved faster and it can be cheaper than printing and disbursing paper employee paychecks.   

EIN (Employer Identification Number): A number issued to a business by the IRS to indentify the business for tax purposes, similar to how a social security number works for individuals.

EFPTS (Electronic Federal Tax Payment System): A system that allows an employer to electronically pay the employees withholding taxes directly to the IRS. 

FICA: The tax withheld from employee paychecks for Social Security. 

Withholding Amount: The amount withheld from employee paychecks for the payment of their taxes to the State and IRS.

Gross Pay: Total amount of employee compensation before the necessary deductions are made.

Independent Contractor: Someone who performs work for an employer as a non-employee for which the employer is not obligated to deduct any withholding, pay employee benefits or conform to labor laws governing employees. There are rules defining when someone may be paid as an independent contractor rather than an employee and unless that definition is met and adhered to, there can be penalties assessed on an employer if they are found to have skirted employee withholding and labor laws by granting independent contractor status to someone who is really meets the definition of an employee.

IRA (Individual Retirement Account): An account that allows an employee to deposit a portion of their employee paycheck for retirement and get certain tax advantages.    

Payroll Register: A report that specifies employee pay, withholding amounts, and other payments made related to employee payroll processing.

Percentage Method: Method for determining how much withholding to deduct from employee paychecks.

W-2: An annual statement of employee earnings, withholding, and other payments that is required to be produced and distributed to employees. 

W-4: The form filled out by new employees that indicates the amount to be withheld from employee paychecks.