Payroll Glossary - M
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Magnetic Media Reporting: Use of a computerized method of filing information with government agen- cies, such as magnetic tape, diskette, cartridge, or electronic filing from one computer to another.
Magnetic Media Reporting and Electronic Filing (MMREF) Specifications: Set of specifications for filing Forms W-2 and W-2c with the Social Security Administration on magnetic media or electronical- ly.
Mainframe: Large, powerful computer that is generally used for companywide computing since it can han- dle multiple users and tasks at the same time.
Matching Principle: Matching revenue earned during an accounting period with the expenses incurred in generating the revenue.
Medical Savings Account (MSA): An arrangement through which an employer or an employee (but not both) can put tax-preferred contributions into an account for the payment of health care deductibles under a high deductible health insurance plan.
Medical Support Withholding: The process of withholding amounts from an employee's compensation to satisfy a medical support order from a court or a state child welfare administrative agency. The employer is responsible for withholding the amounts and paying them over to the party named in the medical support withholding order.
Medicare: A federal hospital insurance program for individuals age 65 or older and some disabled persons. It is funded through the hospital insurance (HI) component of FICA tax.
Merit Rating: See .Experience Rating..
Minicomputer: Smaller than a mainframe computer, but they can still handle multiple users and tasks on a more limited basis; often used to handle departmental computing needs in large organizations.
Minimum Wage: The lowest amount that an employer can pay its employees per hour under federal or state law.
MMREF: Magnetic Media Reporting and Electronic Filing Specifications.
Money Transfer Service: A commercial service to move money from one place to another for a fee.
Monopolistic State: A state that administers workers. compensation premiums and benefits solely through a state fund, prohibiting employers from purchasing insurance from a private insurance carrier.
MQGE: Medicare Qualified Government Employee, who only has the Medicare component of FICA, but not social security, withheld from wages.
MSA: Medical Savings Account.
Multiple Worksite Report (MWR): A report developed by the Bureau of Labor Statistics to help it collect statistical information on United States businesses with multiple worksites.
MWR: Multiple Worksite Report.