Asked by
Saifali Nakarani
on Nov 18, 2024
Verified
Payroll taxes only include social security taxes and federal unemployment and state unemployment taxes.
Payroll Taxes
Taxes that are withheld from employees' wages by their employer and paid to the government, often including social security and medicare taxes.
Social Security Taxes
Taxes collected from employees and employers to fund the Social Security program, which provides benefits to retirees, disabled persons, and survivors of deceased workers.
- Know the components of payroll taxes and the recording of payroll expenses.
Verified Answer
TO
Learning Objectives
- Know the components of payroll taxes and the recording of payroll expenses.
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