Examlex
What is CMP?
Social Security Tax
Taxes collected by the government from employees and employers to fund the Social Security program, providing retirement, disability, and survivors' benefits.
Payroll Tax Expense
Levies placed on both employers and employees, determined based on a percentage of the wages that employers distribute to their workforce.
FICA Taxes Payable
Taxes owed for Federal Insurance Contributions Act, primarily for Social Security and Medicare, withheld from employees' paychecks.
Employer's Payroll Taxes
These are taxes that employers are required to pay on behalf of their employees, including Social Security and Medicare taxes in the United States.
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