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Payroll tax refers to the taxes withheld from an employee's earnings by an employer, which are used to fund various government programs, such as Social Security and Medicare in the United States. These taxes are typically calculated as a percentage of the employee's wages. Employers also contribute a matching amount, making payroll taxes a shared responsibility. Overall, payroll taxes are essential for funding social insurance programs that provide benefits to workers and their families.
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What is the journal entry for payroll tax?
Debit Payroll tax Expense Credit Payroll tax payable debit Payroll tax payable Credit Cash / bank
Payroll Tax Preparation?
form_title=Payroll Tax Preparation form_header=Get help with your payroll tax preparations from the experts. How far in advance do you prepare for your payroll tax? =_ Do you have last year's tax statements?= () Yes () No () Not Sure How many people on currently on your payroll?=_
What does FWT mean on payroll check stub?
Federal Withholding Tax
What does futa mean on a payroll pay stub?
Federal Unemployment TAX (FUTA)
What does it mean when I'm over the threshold when making a payroll tax payment?
A threshold for a tax payment is a level above which some provision of the tax is applicable. So when you are "over the threshold" you have reached a level where some addtional aspect of payroll tax applies to you.
What does medicare tax mean on a payroll check stub?
what does ImpIncHypo mean
What does CA ST mean in payroll?
On some California payroll stubs it means California State Tax.
What is the journal entry for payroll tax?
Debit Payroll tax Expense Credit Payroll tax payable debit Payroll tax payable Credit Cash / bank
Payroll Tax Preparation?
form_title=Payroll Tax Preparation form_header=Get help with your payroll tax preparations from the experts. How far in advance do you prepare for your payroll tax? =_ Do you have last year's tax statements?= () Yes () No () Not Sure How many people on currently on your payroll?=_
What does FWT mean on payroll check stub?
Federal Withholding Tax
What does futa mean on a payroll pay stub?
Federal Unemployment TAX (FUTA)
What does it mean when I'm over the threshold when making a payroll tax payment?
A threshold for a tax payment is a level above which some provision of the tax is applicable. So when you are "over the threshold" you have reached a level where some addtional aspect of payroll tax applies to you.
What does fit mean on a payroll check stub?
fit = F.I.T. = Federal Income Tax
What does mica mean in a payroll pay stub?
MICA TAX is referred to your Medicare deduction.
What does SWT mean on payroll stub?
State Withholding Tax, which is to pay state taxes
What does FIT EE on a payroll check mean?
FIT stands for Federal Income Tax. EE stands for employee. So, I assume on a payroll check it means the employee's income tax has been withheld.
What merit goods do the US government provide through a payroll tax?
Health care is a merit good the U.S. government provides through a payroll tax. Medicaid is paid for by a payroll tax.
