What does Woc mean in payroll

The Payroll: All Abbreviations Explained

abbreviationimportanceExplanationA.severance payA severance payment is sometimes paid out when the employer gives notice. There is no general entitlement to severance pay; however, it is required by law in exceptional cases.AVunemployment insuranceUnemployment insurance contributions are paid for every employee in order to guarantee an income in the event of unemployment. The amount is three percent, of which the employer pays half.B.Employee share SeekasseThe Seekasse is the pension insurance provider for all businesses for which the See-Berufsgenossenschaft is responsible as an accident insurance provider. This affects seafarers, industrial and commercial employees. The employee share of the Seekasse must be shown in the gross part due to the remuneration certificate ordinance (EBV).BGRSContribution group keyThe contribution group key is a numeric key that is specified on all reports on social security. Each digit stands for a type of social insurance in this fixed order: health insurance, pension insurance, unemployment insurance and long-term care insurance. With this key the respective contributions are determined and correctly assigned.E.One-time purchaseOne-off payments (also: other payments) mean irregular payments such as Christmas or vacation pay. They are not part of the current payments. That means they are not paid for work in a single billing cycle.F.FreeThe letter F is indicated in the pay slip if the value of the tax gross does not correspond to the total gross. Alternatively, “P” is specified for flat-rate taxation.GBTotal grossThe total gross includes gross salary / wages, capital-forming benefits, surcharges and allowances, lump-sum taxed wage components and benefits in kind from benefits in kind. This amount does not have to be the same as the gross tax.HAdditional amountThe additional amount is applied if the employee is in more than one employment relationship. It is supposed to prevent an excessive wage tax burden with a second job and a low income. In order to use the additional amount, you need to register with the tax office via the income tax reduction procedure.JPart of the total grossThe letter J in the pay slip shows which amounts are included in the total gross amount.Ki.Frbtr.Child allowanceThe child allowance is deducted from taxable income and reduces the income tax burden. As a rule, the entitlement exists until the child is 18 years of age. If the child is still in training or studying afterwards, the entitlement continues until the child is 25 years of age. If the child is severely disabled and unable to lead an independent life, the entitlement continues beyond the age of 25.KiStChurch taxMembers of a religious community that is a public corporation (KöR) have to pay church tax. Depending on the federal state, it is either eight or nine percent.KKHealth insuranceThe employer's health insurance company is indicated under the abbreviation KK.KK%Relevant contribution rate to KV including additional contributionThe code KK% indicates which contribution rate is paid by the health insurance, including the additional contribution depending on the individual health insurance.KVHealth insuranceThe statutory health insurance contribution is 14.6 percent, of which the employer pays half.L.Current reference"Ongoing payment" means all regular payments made by the employer, including salary. The payments do not have to be constant. Fluctuating payments such as commissions are also counted as current payments.LStincome taxEveryone who is not self-employed has to pay wage tax. The income tax rate depends on the tax class. The solidarity surcharge is also credited to the wage tax.M.Multi-year taxationMulti-year taxation is applied to remuneration for multi-year activity if the taxation would be more expensive than any other income.NRecalculationRecalculations are carried out if errors have occurred in the payroll for the previous month.MFBMultiple employmentConcurrent employment means that an employee is employed by several employers at the same time.P.Flat-rate taxationSee “F”.PGRSPerson group keyThe special features of the employment relationship are declared with the person group code. The decisive characteristics include belonging to a certain group of insured persons, the type of employment (permanent position, internship, training, etc.) and any time limits.PVcare insuranceThe statutory long-term care insurance contribution is 2.55 percent, of which the employer pays half in most cases.RVPension insuranceThe pension insurance contribution is currently 18.6 percent, half of which is financed by the employer.S.Other referenceSee one-time payment.St.Tax grossThe gross tax is composed of the actual wage or salary, one-off payments and pecuniary benefits.Tax IDPersonal tax identification numberThe tax ID is permanently assigned to every citizen of the Federal Republic of Germany by the responsible tax office. It consists of eleven digits.StKlTax classThe tax class determines how high the wage tax amount is for the respective employee.SVsocial insuranceSocial insurance includes health insurance, pension insurance, unemployment insurance and long-term care insurance.AroundPay-as-you-go systemSocial insurance is financed with the pay-as-you-go system. The social security contributions paid are paid back to the insured person immediately after moving in. The employer can set up special reserves for this purpose.V.Previous yearThe previous year is the previous year of employment. The first working day of the respective employee is set as the start date.VKZProcessing indicatorProcessing identifiers are used to assign processing sequences in accounting. They are always assigned alphanumeric and three-digit.W.Credit balanceA credit balance (also: time value account, long-term work account, long-term account) is intended to provide for a longer-term leave of absence, for example parental leave or early retirement. The contributions to the credit balance are financed entirely by the employee. In order to receive a credit balance, the employee must make an agreement with the employer (cf. § 7b ff. SGB IV).ZRelevant premium surcharge for long-term care insurance for childless peopleIf the employee has no children of his own, he must pay the relevant surcharge for long-term care insurance for childless persons in addition to the regular long-term care insurance contributions.