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Payroll Taxes

Accounting & Bookkeeping Glossary

Definition

Payroll taxes are the taxes withheld from employee wages (federal income tax, Social Security, Medicare) plus the employer's matching portion. They also include federal and state unemployment taxes. Payroll tax deposits have strict deadlines — miss them and the IRS charges penalties and interest that add up fast. This is one area where you really don't want to DIY.

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Related Terms

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