About Half of Small Businesses Are in the Production Industries

question 110

True/False

About half of small businesses are in the production industries.

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Definitions:

Employer's Payroll Tax

Taxes that employers are required to pay on behalf of their employees, such as social security and Medicare taxes in the United States.

Unemployment Taxes

Taxes paid by employers to fund unemployment insurance programs, providing benefits to workers who have lost their jobs.

Payroll Tax Expense

Financial charges imposed on employers based on the wages and salaries paid to employees.

FICA Taxes Payable

Liabilities owed for Social Security and Medicare taxes, which are shared by employees and employers, and must be remitted to the government.