payroll tax

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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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

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Payroll taxes are imposed on employers and employees and are taken out of an employee's salary.

Trump Administration Denies Reports Of Possible Payroll Tax Cut

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.

Claiming the R&D credit against payroll tax or AMT

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German companies are the biggest foreign taxpayers in Slovakia

An employer-side payroll tax, paired with a full tax credit, could be seen by the IRS "to constitute payment of an employee's income taxes by the employer, which would not only negate the benefit of the plan but could actually increase taxpayer liability," Walczak wrote.

Blue states' tax workarounds could mean $154B lost to Treasury

If the payroll tax proposal had merit, the campaign for it would attract financial and political support.

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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.

Recent legislation creates professional employer organization status

Employers and employees are not subject to payroll taxes at any time on employer contributions to retirement plans.

5 considerations for employee benefit programs that benefit both the employer and employee

"I have a very simple question: Did you support a payroll tax? Yes or no, and is that a good idea?" Cruz said.

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Additionally, the rules could increase the payroll tax burden on business owners who are already fully complying with the law.

House passes bill to freeze student loan rates

The drama concluded late last year as the payroll tax extension was enacted.

Employee benefits

The plan would extend a 2-percentage-point payroll tax cut for two months.

Obama urges one-year payroll tax cut extension

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