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Payroll taxes are the taxes witheld by an employer from an employee's paycheck which covers the appropriate amount of federal and state taxes as well as FICA tax (also known as Social Security). These taxes are held in Trust and submited on behalf of the employee to the various entities on a quarterly basis. It is this amount that is determined by the amount of deductions an employee claims on their W-4 Form. If too much tax is collected from an employee they will receive a refund at the end of the year when they file a tax return. If not enough taxes are paid through this process there will be a debt owed to the IRS and/or state on the tax returns at the end of the year.
Wiki User
∙ 11y ago
Wiki User
∙ 9y agoPayroll tax is the tax that is collected from employers to pay for government benefits for their staff. These include programs like unemployment, disability and social security.
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What are examples of payroll taxes?
Social Security Taxes, FICA, and medicare are payroll taxes.
Can you deduct payroll taxes?
A individual taxpayer cannot deduct payroll taxes on the individual taxpayers income tax return.
What is the payroll taxes on 16000.00?
1,700.00
What are the losses in payroll?
Taxes. ;D
How do you calculate payroll taxes?
With a calculator.
What are examples of payroll taxes?
Social Security Taxes, FICA, and medicare are payroll taxes.
What it payroll company does not pay payroll taxes?
Has this happened, or are you just curious? By law the payroll service has to pay the taxes to the government, that are with held.
Can you deduct payroll taxes?
A individual taxpayer cannot deduct payroll taxes on the individual taxpayers income tax return.
Where can I learn more about payroll taxes?
There are certain software that will teach you about payroll taxes. There are also sites that will give you information on what you need to know about what payroll taxes are and which types exist. More information can be found at http://www.payroll-taxes.com/.
What is the payroll taxes on 16000.00?
1,700.00
What are the losses in payroll?
Taxes. ;D
How do you calculate payroll taxes?
With a calculator.
What is the journal entry for overpayment of payroll taxes?
debit payroll taxesCredit cash
What is the difference between income taxes and payroll tax?
Income taxes are used for a wide variety of government activities while payroll taxes pay for specific programs.
How do you submit payroll taxes for turbo software?
You submit payroll taxes for turbo software because it is easier and cheaper. You can find out more of the benefits at turbotax.intuit.com/personal-taxes or hubpages.com/hub/Social-Security-Payroll-Tax-Limits
Are payroll taxes taken out of Ebitda?
No. EBITDA is a measure to simulate operating cash flow. If you have no earnings or profits you will not pay Income Taxes, but you are still required to pay payroll taxes and other taxes such as property and franchise taxes
What is the difference between income and payroll tax?
Income taxes are used for a wide variety of government activities while payroll taxes pay for specific programs.
