Payroll Glossary - L
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S
T | U | V | W
LAN: Local Area Network.
Leased Employees: Employees of a leasing agency who are hired and trained for the client firm through the agency. Withholding, depositing, and reporting responsibilities remain with the leasing agency.
Levy: An attachment to satisfy a tax debt or a court judgment.
Liabilities: Debts of a business that have yet to be paid.
Local Area Network (LAN): A network in which all computers are physically attached to each other and data are transmitted at high speeds over short distances.
Local National: An employee who works in the country where his home base is located, even though the employee may actually be a citizen of another country.
Long-Term Assignment: A job assignment that is realistically expected to last more than 12 months.
Long-Term Care Insurance: An insurance contract providing for coverage of qualified long-term care services, including diagnostic, preventive, treating, mitigating and rehabilitative services, which is treated as an accident and health insurance contract for payroll tax purposes.
Lookback Period: The 12-month period running from July 1 of the second preceding calendar year through June 30 of the preceding calendar year. The employer's payroll tax liability during this period determines its depositor status for the current year. The period may be different for some employers.
