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Furlough
Last Updated: July 11, 2025A Furlough is a temporary unpaid leave imposed by an employer due to economic or operational reasons, allowing workers to return when conditions improve, unlike layoffs.
Full-Time Hours
Last Updated: July 11, 2025Full-Time Hours are the standard number of weekly work hours designated as full-time by an employer or law, typically 35-40 hours, affecting benefits and overtime eligibility.
Full-Time Equivalent (FTE)
Last Updated: July 11, 2025Full-Time Equivalent (FTE) is a unit measuring the workload of an employee or group, equating part-time hours to a standard full-time schedule, often 40 hours per week.
FSA Limits
Last Updated: July 11, 2025FSA Limits are the maximum amounts employees can contribute to a Flexible Spending Account (FSA) annually for medical or dependent care expenses, set by the IRS and subject to change.
Front Pay
Last Updated: July 11, 2025Front Pay is a monetary award given to an employee, typically in discrimination or wrongful termination cases, to compensate for future lost wages until they can secure comparable employment.
Fringe Benefits
Last Updated: July 11, 2025Fringe Benefits are non-wage compensations provided to employees, such as health insurance, retirement plans, or company cars, enhancing their overall compensation package.
Freelance
Last Updated: July 11, 2025Freelance refers to self-employed individuals who offer services to multiple clients on a project or contract basis, without long-term commitment to any single employer.
Franchise Business
Last Updated: July 11, 2025A Franchise Business is a model where an individual or group operates a business under the brand and system of an established company, paying fees for support and rights.
FMLA Family and Medical Leave Act of 1993
Last Updated: July 11, 2025The FMLA Family and Medical Leave Act of 1993 is a U.S. law providing eligible employees with up to 12 weeks of unpaid, job-protected leave for family or medical reasons.
FLSA Status
Last Updated: July 11, 2025FLSA Status refers to an employee’s classification under the Fair Labor Standards Act as exempt or non-exempt, determining eligibility for overtime pay and minimum wage.
Floating Holiday
Last Updated: July 11, 2025A Floating Holiday is a paid day off that employees can use at their discretion, often in addition to fixed holidays, allowing flexibility for personal or cultural observances.
Flextime
Last Updated: July 11, 2025Flextime is a flexible scheduling system allowing employees to choose their working hours within a set framework, balancing personal and professional responsibilities.
Flexible Workplace
Last Updated: July 11, 2025A Flexible Workplace is an organizational environment that supports varied work styles, locations, and schedules, often incorporating remote and hybrid work options.
Flexible Work Arrangements
Last Updated: July 11, 2025Flexible Work Arrangements are agreements allowing employees to adjust their work schedules, locations, or hours, such as remote work or compressed weeks, to suit personal needs.
Flexible Spending Account (FSA)
Last Updated: July 11, 2025A Flexible Spending Account (FSA) is a tax-advantaged account allowing employees to set aside pre-tax dollars for medical or dependent care expenses, subject to annual limits.
Flexi Time
Last Updated: July 11, 2025Flexi Time, or flexible time, is a work arrangement allowing employees to choose their start and end times within agreed limits, promoting work-life balance.
Flexi Benefit Plan
Last Updated: July 11, 2025A Flexi Benefit Plan is an employer-offered program allowing employees to customize their benefits package, selecting options like health insurance or retirement contributions within a set budget.
Flat Tax Withholding
Last Updated: July 11, 2025Flat Tax Withholding is a method where a fixed percentage of an employee’s income is withheld for federal income tax, regardless of income level, applied in certain situations like supplemental wages.
FICA
Last Updated: July 11, 2025FICA (Federal Insurance Contributions Act) is a U.S. payroll tax that funds Social Security and Medicare, with contributions split between employees and employers.
Federal Unemployment Tax Act (FUTA)
Last Updated: July 11, 2025The Federal Unemployment Tax Act (FUTA) is a U.S. law requiring employers to pay a payroll tax to fund unemployment benefits, with credits for state contributions.
Federal Tax Deposit
Last Updated: July 11, 2025A Federal Tax Deposit is a payment employers make to the IRS for withheld employee taxes, including income tax, Social Security, and Medicare, using EFTPS.
Federal Minimum Wage
Last Updated: July 11, 2025The Federal Minimum Wage is the lowest hourly wage employers can legally pay employees, set by the U.S. government at $7.25 per hour since 2009, though states may set higher rates.
Federal Mileage Reimbursement
Last Updated: July 11, 2025Federal Mileage Reimbursement is the payment an employer provides to employees for business travel using the IRS federal mileage rate, ensuring fair compensation.
Federal Mileage Rate
Last Updated: July 11, 2025The Federal Mileage Rate is the standard rate set by the IRS for reimbursing employees for business-related travel using their personal vehicles, updated annually.
Federal Income Tax Withholding (FITW)
Last Updated: July 11, 2025Federal Income Tax Withholding (FITW) is the amount deducted from an employee’s paycheck by the employer based on IRS guidelines to cover federal income tax liability.
Federal Income Tax
Last Updated: July 11, 2025Federal Income Tax is a tax levied by the U.S. government on individuals and businesses based on their income, collected through withholdings or estimated payments.
Federal ID Number
Last Updated: July 11, 2025A Federal ID Number, or Employer Identification Number (EIN), is a nine-digit number assigned by the IRS to businesses for tax filing and employment purposes.
Federal Holidays
Last Updated: July 11, 2025Federal Holidays are designated days by the U.S. government when federal offices are closed, and many private employers offer paid time off, totaling 11 days annually.
Fair Labor Standards Act (FLSA)
Last Updated: July 11, 2025The Fair Labor Standards Act (FLSA) is a U.S. federal law establishing standards for minimum wage, overtime pay, recordkeeping, and child labor, protecting workers’ rights.