Definitions from the Web
Payroll Tax
A payroll tax refers to a tax that employers withhold from employee wages and salaries, typically based on a percentage of the employee's earnings. It is designed to fund various government programs such as Social Security, Medicare, and unemployment benefits. Payroll taxes are a mandatory contribution by both employers and employees.
Example Sentences:
- The company deducted the appropriate payroll tax from each employee's paycheck.
- Payroll taxes help fund social welfare programs that provide benefits to citizens in need.
- The government increased the payroll tax rate to meet growing demands for healthcare services.
- Small businesses often struggle with the administrative complexities of calculating and reporting payroll taxes.
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