Defining those obscure payroll terms

Payroll terminology may seem similar, but differences are major
By Sheila Brawn
|Canadian Payroll Reporter|Last Updated: 06/25/2018
Books
Some payroll terms may not come up as frequently, but are still important to understand. Shutterstock

Pensionable. Insurable. Taxable. Source deductions. These are all terms that payroll professionals get to know very quickly when they begin working. After all, understanding key terms and phrases is essential for complying with federal payroll deductions rules.

Yet, there are other terms that may not come up as frequently, but that are just as important to understand.

Here is a brief refresher of some payroll terms and phrases that may seem similar, but have important differences: