Payroll Glossary - O
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OASDI: Old Age, Survivors and Disability Insurance, also known as social security.
Obligee: A person to whom a debt is owed.
Obligor: A person who owes a debt.
OCSE: Office of Child Support Enforcement.
ODFI: Originating Depository Financial Institution.
OMB: Office of Management and Budget.
On-Call Time: Nonwork time during which employees are required to be available to handle job-related emergencies.
Online Processing: Processing performed under direct control of the computer (can be batch or realtime).
Operating System: The computer program that controls the basic operations of a computer (e.g., MS-DOS, UNIX, Linux, OS2, Windows 95/98/XP).
Opportunity Wage: A reduced minimum wage that can be paid to teenagers during their first 90 days at work.
Originating Depository Financial Institution (ODFI): A financial institution that is qualified to initiate deposit entries submitted by an employer as part of the direct deposit process.
OSHA: Occupational Safety and Health Administration.
Other Compensation: Compensation not subject to federal income tax withholding that an employer must report on an employee's W-2.
Outplacement Services: Services provided by employers to help employees find a new job after a layoff or reduction in force.
Outsourcing: The concept of taking internal company functions and paying an outside firm to handle them
Overtime: Hours worked in excess of maximums set by federal or state law that must be compensated at a premium rate of pay (e.g., under the FLSA, all hours worked over 40 in a workweek must be paid at no less than one and one half times the employee's regular rate of pay).
Owner's Equity: The assets of a company minus its liabilities.