payroll taxes
- The sum of income taxes withheld from an employee's paycheck, including unemployment contributions and payments towards Social Security and Medicare, which are submitted to an IRS account
- The business owner was unsure how to correctly calculate payroll taxes for his employees.
- Incorrect calculation or delay of depositing payroll taxes can lead to penalties from the IRS.
- After starting her business, Susan spent much time studying payroll taxes to avoid any financial missteps.
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