common paymaster

Definition

A single position or entity designated by a large corporation under the "common paymaster rule" that is responsible for maintaining the payroll records of employees paid by multiple subsidiaries within the company in order to avoid paying extra payroll taxes.

Use common paymaster in a sentence

  • The common paymaster held all of the records we wanted access to so we had to visit the fourth floor.

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  • Rather than establish separate payroll accounts and reporting numbers for each of our subsidiaries, we opted to treat the parent company as common paymaster for these entities.

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  • No matter their role in the company, from upper management to janitorial staff, everyone was paid through the home office in New York, their common paymaster.

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