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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Also, she withheld and failed to pay an additional $394,000 from 2010 to 2011 and failed to pay nearly $530,000 worth of the employer's share of payroll taxes from 2010 to 2015.
The maximum amount of the credit that can be elected to offset payroll taxes in a given year is $250,000, and the election can only be made for five tax years.
"Payroll taxes went up by even 17 percent year to year."Blaacutehovaacute especially ascribes this growth to night, weekend and holiday work surcharges.
Simply put, businesses look at payroll taxes as part of the overall compensation paid to their workers.
If states' shifting to payroll taxes becomes a "large enough trend, [it] could wipe out all the savings from the repeal of the SALT deduction -- and then some," wrote the authors.
This classification is important because, unless an exception applies, the common law employer is liable for the collection, payment, and reporting of payroll taxes and is subject to tax assessments and penalties for failures.
Payroll taxes are a significant cost for both employers and employees.
Many users use ezPaycheck to handle payroll taxes and print paychecks.
has an idea for people getting home health care and their families: Obeying the laws that govern payroll taxes and other payroll matters is a good idea.
2343, the active shareholders of an S-Corp would be required to pay payroll taxes on all their income from the business--wage and business earnings alike--if the shareholder is a partner in a professional service business or if 75 percent or more of the gross income of the S-Corp is attributable to the service of three or fewer shareholders.
Payroll taxes -- which fund the Social Security retirement system -- were cut to 4.2 percent for employees at the start of 2011.
Vertex Payroll Tax Q Series is a payroll tax calculation solution that is used for calculating federal and state payroll taxes as well as over 8,000 local payroll tax requirements on all regular and supplemental wages.