Please Define the Following Key Terms

question 46

Short Answer

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Peter the Hermit

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Definitions:

Income Before Taxes

The earnings of a company before taxes have been deducted.

Employer Payroll Taxes

Taxes that employers are required to pay on behalf of their employees, including social security and Medicare taxes.

Social Security Tax

A mandatory payroll tax collected to fund the Social Security program, providing retirement, disability, and survivors' benefits.

Medicare Tax

A federal tax that funds the Medicare program, which is withheld from an employee's paycheck and also matched by the employer.