Princeton Financial Glossary - W

Wage Attachment

An involuntary deduction of an employees wage payment to satisfy a debt.

Wasting Endowment

Wasting endowment refers to a fund where principal must be drawn down over a certain period of time. The term quasi-endowment may sometimes be used to refer to a wasting endowment although a wasting endowment fund is legally restricted to endowment for a period of time.

Wire Transfer

A request for a bank to transmit funds.

Withholding

Subtracting amounts from an employees wages for taxes, garnishments or levies, and other deductions (i.e., medical insurance premiums, union dues). These amounts are then paid over to the government agency or other party to whom they are owed.

Work Week

The basis for determining an employee's regular rate of pay and overtime pay due under the Federal Wage-Hour Law. It can be any consecutive seven-day (168-hour) period chosen by the employer (i.e., Saturday to Friday, Wednesday to Tuesday).

Worker’s Compensation

A form of insurance that provides wage replacement and medical benefits for employees who are injured or become ill in the course and scope of employment.

Workflow Model

A department's workflow model determines how a document, such as a requisition or puchase order,  should flow in the approval process.

Worklist

A user-specific PeopleSoft page to display summary information for all documents (requisitions/ purchase orders) that have been routed to a user for review and approval.


 

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