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payroll tax

 

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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