Payroll Glossary

Garnishment

A garnishment is a legal procedure through which an individual's earnings are required to be withheld for payment of a debt.

General Ledger

This is a ledger containing all of the transactions in the debit and credit accounts of a business.

Golden Parachutes

These are payments made to business executives in excess of their usual compensation in the event the business is sold and the executives are terminated from employment.

Gross Wages

These are the total amount of regular wages and the fair market value of taxable benefits provided to an employee by an employer.

Gross-Up

This is a formula used to determine the total taxable gross when an employer pays an employee's share of tax.

Group-Term Life Insurance

GTLI is term life insurance that is provided to employees, with the cost being borne by the employer, the employee, or both.