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Payroll
A payroll is the list of employees of some company that is entitled to receive payments as well as other work benefits and the amounts that each should receive. Along with the amounts that each employee should receive for time worked or tasks performed, payroll can also refer to a company's records of payments that were previously made to employees, including salaries A salary is a form of payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wage A wage is the distribution from an employer Employment is a relationship between two parties ... and wage A wage is the distribution from an employer of a ''security'' (expected return or profits derived solely from others) paid to an employee. Like interest is paid out to an investor on his investments, a wage is paid (from company earnings) to t ...s, bonuses, and withheld taxes, or the company's department that deals with compensation Compensation may ...
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Payroll Tax
Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their employees. By law, some payroll taxes are the responsibility of the employee and others fall on the employer, but almost all economists agree that the true Tax incidence, economic incidence of a payroll tax is unaffected by this distinction, and falls largely or entirely on workers in the form of lower wages. Because payroll taxes fall exclusively on wages and not on returns to financial or physical investments, payroll taxes may contribute to underinvestment in human capital such as higher education. National payroll tax systems Australia The Australian federal government (Australian Taxation Office, ATO) requires withholding tax on employment income (payroll taxes of the first type), under a system known as Pay-as-you-go tax, pay-as-you-go (PAYG). The individual states impose payroll taxes of the second type. Bermuda In Bermuda, p ...
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Payroll Tax
Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their employees. By law, some payroll taxes are the responsibility of the employee and others fall on the employer, but almost all economists agree that the true Tax incidence, economic incidence of a payroll tax is unaffected by this distinction, and falls largely or entirely on workers in the form of lower wages. Because payroll taxes fall exclusively on wages and not on returns to financial or physical investments, payroll taxes may contribute to underinvestment in human capital such as higher education. National payroll tax systems Australia The Australian federal government (Australian Taxation Office, ATO) requires withholding tax on employment income (payroll taxes of the first type), under a system known as Pay-as-you-go tax, pay-as-you-go (PAYG). The individual states impose payroll taxes of the second type. Bermuda In Bermuda, p ...
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Payroll
A payroll is the list of employees of some company that is entitled to receive payments as well as other work benefits and the amounts that each should receive. Along with the amounts that each employee should receive for time worked or tasks performed, payroll can also refer to a company's records of payments that were previously made to employees, including salaries A salary is a form of payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wage A wage is the distribution from an employer Employment is a relationship between two parties ... and wage A wage is the distribution from an employer of a ''security'' (expected return or profits derived solely from others) paid to an employee. Like interest is paid out to an investor on his investments, a wage is paid (from company earnings) to t ...s, bonuses, and withheld taxes, or the company's department that deals with compensation Compensation may ...
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Social Security (United States)
In the United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ..., Social Security is the commonly used term for the federal Federal or foederal (archaic) may refer to: Politics General *Federal monarchy, a federation of monarchies *Federation, or ''Federal state'' (federal system), a type of government characterized by both a central (federal) government and states or ... Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration The United States Social Security Administration (SSA) is an independent agency A regulatory agency or regulatory authority, is a Public benefit corporation Public-benefit corporation is a term that has different meanings in different jurisdic .... The original Social Security Act ...
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Taxation In The United States
The United States of America The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ... has separate federal Federal or foederal (archaic) may refer to: Politics General *Federal monarchy, a federation of monarchies *Federation, or ''Federal state'' (federal system), a type of government characterized by both a central (federal) government and states or ..., state State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly magazine published by the U.S. Department of State * The State (newspaper), ''The State'' (newspaper), a daily newspaper in Columbia, South Carolina, Un ..., and local government Local government is a generic term for the lowest tiers of public administration Public administration is the implementation of government policy ...
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Income Tax In The United States
Income taxes in the United States are imposed by the federal government A federation (also known as a federal state) is a political entity A polity is an identifiable political entity—any group of people who have a collective identity, who are organized by some form of Institutionalisation, institutionalized ..., and most states State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly magazine published by the U.S. Department of State * The State (newspaper), ''The State'' (newspaper), a daily newspaper in Columbia, South Carolina, Un .... The income taxes are determined by applying a tax rate, which Progressive tax, may increase as income increases, to taxable income, which is the total income less allowable tax deduction, deductions. Income is broadly defined. Individuals and corporations are directly taxable, and estates and trusts may be taxable on undistributed income. Partnership taxation in the United States, Partnerships ...
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PAYE
A pay-as-you-earn tax (PAYE), or pay-as-you-go (PAYG) in Australia, is a withholding of taxes on income payments to employees. Amounts withheld are treated as advance payments of income tax An income tax is a tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law Law is a system A system is a group of Interaction, interacting or interrelate ... due. They are refundable to the extent they exceed tax as determined on tax returns. PAYE may include withholding the employee portion of insurance contributions or similar social benefit taxes. In most countries, they are determined by employers but subject to government review. PAYE is deducted from each paycheck by the employer and must be remitted promptly to the government. Most countries refer to income tax withholding by other terms, including pay-as-you-go tax. United Kingdom Origins Devised by Sir Paul Chambers Sir Stanley Paul Chambe ...
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Flexible Spending Account
In the United States, a flexible spending account (FSA), also known as a flexible spending arrangement, is one of a number of tax-advantaged financial accounts, resulting in payroll tax savings. One significant disadvantage to using an FSA is that funds not used by the end of the plan year are forfeited to the employer, known as the "use it or lose it" rule. Under the terms of the Affordable Care Act however a plan may permit an employee to carry over up to $550 into the following year without losing the funds but this does not apply to all plans and some plans may have lower limits. The most common type of flexible spending account, the medical expense FSA (also medical FSA or health FSA), is similar to a health savings account A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States The United States of America (USA), commonly known as the United States (U.S. or US), or America, is a country Contig ... ( ...
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Medicare (United States)
Medicare is a national health insurance Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance Insurance is a means of protection from financial loss. It is a form of risk management Risk management is the identification, ev ... program in the United States, begun in 1965 under the Social Security Administration The United States Social Security Administration (SSA) is an Independent agencies of the United States government, independent agency of the Federal government of the United States, U.S. federal government that administers Social Security (United ... (SSA) and now administered by the Centers for Medicare and Medicaid Services The Centers for Medicare & Medicaid Services (CMS), is a federal agency within the United States Department of Health and Human Services (HHS) that administers the Medicare program and works in partnership with state governments to administer M ... (CMS). It primarily provides ...
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State Income Tax
Most individual U.S. state In the United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state ...s collect a state income tax in addition to federal Federal or foederal (archaic) may refer to: Politics General *Federal monarchy, a federation of monarchies *Federation, or ''Federal state'' (federal system), a type of government characterized by both a central (federal) government and states or ... income tax An income tax is a tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law Law is a system A system is a group of Interaction, interacting or interrelate .... The two are separate entities. Some local governments also impose an income tax, often based on state income tax calculations. Forty-two states ...
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Withholding Tax
Tax withholding, also known as tax retention, Pay-as-You-Go, Pay-as-You-Earn, or a ''Prélèvement à la source'', is income tax An income tax is a tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law Law is a system A system is a group of Interaction, interacting or interrelate ... paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient. In most jurisdictions, tax withholding applies to employment Employment is the relationship between two parties Image:'Hip, Hip, Hurrah! Artist Festival at Skagen', by Peder Severin Krøyer (1888) Demisted with DXO PhotoLab Clearview; cropped away black border edge.jpg, 300px, ''Hip, Hip, Hurrah!'' ... income. Many jurisdictions also require withholding taxes on payments of interest In finance Finance is the study of fin ...
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Tip (gratuity)
A gratuity (normally called a tip) is a sum of money customarily given by a customer to certain service sector The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sector Image:Economic sectors and income.JPG, 250px, This figure illustrates the percentages of a country's economy made up by differen ... workers for the service they have performed, in addition to the basic price of the service. Tips and their amount are a matter of social custom Custom may refer to: Sense: Customary * Convention (norm) A convention is a set of agreed, stipulated, or generally accepted standards, norms, social norms, or criteria, often taking the form of a custom. In a social context, a convention ma ... and etiquette Etiquette ( and ; ) is the set of conventional rules of personal behaviour in polite society, usually in the form of an ethical code Ethical codes are adopted by organizations to assist members in understan ...
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