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Where does the fund for payroll come from Does it come from net income/retained earnings?
The difference between revenue and retained earnings is that revenue is the ... they are derived from net income on the income statement and contribute to ..
What else can I help you with?
What is a payroll deduction?
A payroll deduction is an amount held from an employee's earnings - typically income tax, National Insurance, Pension Fund Contributions etc.
What are the two main sources of income for the federal government?
The two main sources of income for the federal government are individual income taxes and payroll taxes. Individual income taxes are collected from the earnings of individuals and households, while payroll taxes fund social insurance programs like Social Security and Medicare. Together, these sources account for a significant portion of the government's revenue, enabling it to fund various programs and services.
What is the definition of employer's payroll taxes?
Employer's payroll taxes are taxes that employers are required to pay based on their employees' wages. These taxes typically include Social Security and Medicare taxes, as well as federal and state unemployment taxes. Unlike employee payroll deductions, which are withheld from employees' paychecks, employer payroll taxes are the responsibility of the employer and are calculated as a percentage of employee earnings. These taxes help fund various social programs and unemployment benefits.
Does the employer have to pay into the unemployment fund in the state they do business in?
Employers pay into the unemployment fund in the "liable state" where they have their payroll. It is based on the payroll, so that is the state they have the obligation.
How are payroll taxes distinct from personal income taxes in terms of their impact on an individual's financial obligations?
Payroll taxes are taxes that are deducted from an individual's paycheck by their employer to fund programs like Social Security and Medicare. These taxes are separate from personal income taxes, which are paid by individuals directly to the government based on their income. Payroll taxes are typically a fixed percentage of an individual's income, while personal income taxes are based on a person's total earnings and can vary depending on deductions and credits. Payroll taxes are specifically earmarked for certain programs, while personal income taxes go into the general fund of the government.
Do British Athletes still have to put earnings in a trust fund?
Not since 1992
What actions occur during the Iran-Contra affair?
The Reagan administration used earnings from weapons sales to Iran to illegally fund the contras.
Does gas tax in Canada fund health care?
No. The taxes that fund public health insurance comes from payroll and income taxes, ie, your paycheck and in your tax return.
Do your paycheck deductions help fund unemployment insurance?
No. Unemployment benefits are paid from a state fund that receives its input from a payroll tax, charged to the employer, never the employee.
What does FICA mean on a paycheck?
FICA stands for a payroll tax used to fund the Social Security system.
Will Republicans use funds from social security to fund the tax cut?
There is no evidence to suggest that Republicans intend to use funds from Social Security to fund the tax cut. Social Security operates on its own funding system through payroll taxes and has a separate trust fund specifically designated for it. Any changes to Social Security funding would require separate legislation.
What are the two largest sources of income for our government?
The two largest sources of income for the government are individual income taxes and payroll taxes. Individual income taxes generate revenue from the earnings of individuals, while payroll taxes fund social insurance programs like Social Security and Medicare. Together, these taxes constitute a significant portion of federal revenue, enabling the government to finance various public services and programs.
