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Under the Virginia Plan

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Under the Virginia Plan


Definitions:

FICA Taxes

Federal taxes in the United States that fund Social Security and Medicare, required to be withheld from an employee's paycheck.

Tax Expense

The amount of taxation a company is required to pay to various tax authorities, based on its earnings.

SUTA Tax Payable

The liability owed by employers to the state for the State Unemployment Tax Act, used to fund unemployment benefits.

Payroll Tax Expense

Payroll Tax Expense is the employer's cost associated with the employment of staff, including taxes such as social security and Medicare taxes that must be paid based on salaries.

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