payroll taxes

Definition of "payroll taxes"
  1. 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
How to use "payroll taxes" in a sentence
  1. The business owner was unsure how to correctly calculate payroll taxes for his employees.
  2. Incorrect calculation or delay of depositing payroll taxes can lead to penalties from the IRS.
  3. After starting her business, Susan spent much time studying payroll taxes to avoid any financial missteps.

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