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Under the Virginia Plan
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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