Payroll Taxes
Government agencies at various levels require employers to withhold income taxes from employees' wages.
In the United States, "payroll taxes" are separate from income taxes, although they are levied on employers in proportion to salary; the programs they fund include Social Security, and Medicare. U.S. income and payroll taxes collected through deductions are considered to be trust fund taxes, because the employer holds the deducted money in trust for later remittance.
Read more about this topic: Payroll
Famous quotes containing the word taxes:
“As I went about with my father when he collected taxes, I knew that when taxes were laid some one had to work to earn the money to pay them.”
—Calvin Coolidge (1872–1933)