payroll tax

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Related to Payroll taxes: Social Security Tax

Payroll Tax

A tax in which an employer retains a certain percentage of an employee's wages or salary and gives it to the IRS or tax agency instead of the employee. This reduces or eliminates the possibility that the employee will spend his/her tax liability, and give the government cash flow to fund certain operations. See also: Withholding.

payroll tax

a TAX on a firm's total WAGE bill. The tax may be paid wholly by the firm or on some shared basis with employees. Insofar as such a tax alters the relative price of LABOUR and CAPITAL, it may result in the firm substituting capital for labour.
References in periodicals archive ?
A repetition of the last round of payroll taxes might not be the best, or the only, way to go.
As the above discussions illustrate, there is a very real incentive for responsible persons to make sure trust fund payroll taxes are paid.
In 2010, Congress enacted legislation, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 which reduced employee payroll taxes and self-employment taxes by two percentage points.
located in Canton, Ohio, helps simplify employee management with online software applications for Payroll and Employee Payroll Taxes.
Exclusive control is not required, and delegation of the authority to remit the payroll taxes does not relieve someone of section 6672 liability.
Over a quarter of payroll taxes are owed by businesses with more than 3 years (12 tax quarters) of unpaid payroll taxes.
Diverting 2 percentage points of payroll taxes from Social Security into private accounts, as a Bush administration commission urges, would add $1 trillion to that debt.
Antos expects Congress to keep Medicare solvent by taking actions such as raising payroll taxes, reducing benefits, and increasing co-payments for premium services.
Reporting the differential payments in Box 1 of Form W-2 does not automatically trigger the application of payroll taxes.
Because many people work in the informal sector, payroll taxes (collected only in the formal sector) have to be higher than would otherwise be necessary.
Supreme Court: Back Wages Subject to Payroll Taxes When Paid