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The process of communication begins when
Payroll Tax Expense
This refers to the taxes that an employer is responsible for paying on behalf of its employees, which generally include social security and Medicare taxes.
FICA Taxes Payable
Taxes owed by an employer, employee, or both, to the Federal Insurance Contributions Act for Social Security and Medicare.
Employer's Payroll Taxes
Taxes that an employer must pay based on the wages and salaries of its employees, which can include Social Security taxes, Medicare taxes, and unemployment taxes.
Medicare Tax Rate
The percentage of an individual's earnings that is deducted to fund the Medicare program, as specified by federal law.
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