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Income Tax Withholding
The process by which employers withhold a portion of employees' salaries or wages to pay directly to the government as an advance payment of income tax.
Payroll Tax Expense
Taxes that are incurred by an employer based on the wages and salaries paid to employees, including social security taxes, Medicare taxes, and unemployment taxes.
FICA Taxes
Federal taxes in the United States that fund Social Security and Medicare, required to be withheld from employees' paychecks.
State Income Taxes
State-specific levies on the earnings of individuals and businesses within their territories.
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