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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
SWIFT
SWIFT is an acronym for Society for Worldwide Interbank Financial Telecommunication.
Form 1099
A 1099 is another IRS form, most commonly used by employers when they hire contractors.
Net salary
The wage that the employee actually receives after income tax is deducted.
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