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EOR and PEO
Stand for employer of record and professional employer organization.
A PEO is a Professional Employer Organization, which is a third party that co-employs individuals with a business. They provide the payroll and other services in a country and ensure compliance requirements are met. While similar to an EOR, a PEO is different in that it is not the legal employer. They act as an employment partner and similar to an outsourced payroll and compliance vendor.
Related Glossaries
PTO
PTO is a benefit that allows employees to take time away from work while still receiving their regular pay.
Statutory Costs
Statutory costs refer to the expenses that a business is legally required to pay under national or regional laws and regulations.
W2
A W2 is a tax form used in the United States to report an employee’s annual wages and the taxes withheld from their paycheck.
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