Employee Withholding Taxes Flashcards
0
Q
Want is statutory deductions? (Aka employee withholding taxes)
A
Once total compensation has been determined, the various taxes are calculated based one taxable compensation
1
Q
Employees withholding taxes
A
Deduction from the employee’s check and paid by the employer on the employees behalf. This includes : federal income tax, social security and Medicare (FICA), state and local income taxes (where required)
