Payroll taxes are a crucial aspect of the financial operations of any organization. These taxes are imposed by the government and are based on an employee’s wages or salary. Essentially, payroll taxes are the funds collected from employers and employees to support various social programs and government initiatives. They serve as a means of financing social security, Medicare, and unemployment taxes, among others. A significant distinction to note about payroll taxes is that they are separate from income taxes, which are based on an individual’s overall income. Understanding the basics of payroll taxes is essential for both employers and employees … Read the rest