BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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payroll taxes
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payroll records
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Detailed explanation-1: -Payroll taxes are the taxes employees and employers pay on wages, tips, and salaries. These taxes include federal, state, and local taxes, as well as FICA taxes, which are taxes for Social Security and Medicare.
Detailed explanation-2: -An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income.
Detailed explanation-3: -Payroll tax can be defined as the tax that is withheld, charged, or levied on the payroll of the employer. This will comprise of wages, gross salaries, perks and any form of remuneration that is paid to the employees. Payroll Tax is the tax withheld, charged or levied on the payroll of an employer.