Princeton Financial Glossary - T

Tax Exempt

Not taxable

Tax Treaty

An agreement between two countries specifying the items of income of one country's tax residents that will be taxed by another country where the income is earned or paid.

Tax Withholding

An amount subtracted from a payment and sent to a government in anticipation of taxes owed.

Taxable Wage Base

The maximum amount of employee compensation subject to Social Security, FUTA, and state unemployment insurance taxes.

Taxpayer Identification Number (TIN)

A Social Security number of employer identification number that serves as the taxpayer's account number with the IRS Taxpayer Identification Number (TIN).

Term Endowment

Term endowment refers to a fund treated as endowment for a certain period of time or until a certain goal is reached, usually set by a donor. The term quasi-endowment may sometimes be used to refer to a term endowment although a term endowment fund is legally restricted to endowment for a period of time after which principal may be spent.

Term Gift

A term gift refers to a gift, the principal and income of which may be expended.

Third Party Sick Pay

Payments made by a third party, such as a state or private insurer, to employees because of non-job-related illness or injury.

Third-Country National

In the context of U.S. payroll, someone who is a non-U.S. citizen working in a country other than the United States.

Time Collection System

The system used to capture and submit hours worked and rate of pay to payroll. This system is used for the non-exempt employees who need to report regular and exception hours.

Tip Credit

A reduction in the minimum wage allowed for tipped employees earning at least $30 per month in tips.

Tipped Employee

An employee who works in an occupation in which the employee regularly receives $30 or more a month in tips.

Travel Portal

The University's official travel program that incorporates negotiated hotel rates, air and ground transportation reservation tools, and more, on one web site.

Treaty Benefits

Exemptions from income withholding due to a tax treaty between the United States and the foreign person's country of residency.


 

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