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Payroll Taxes: Employees and Employers

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What are the payroll taxes paid by employees? What are the payroll taxes paid by the employer? What types of reports are used to document to the government the payroll taxes paid by the employee and employer? When is the unearned revenue recognized in the financial statements?

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This solution helps explore payroll taxes in the context of both employers and employees

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What are the payroll taxes paid by employees? What are the payroll taxes paid by the employer? What types of reports are used to document to the government the payroll taxes paid by the employee and employer? When is the unearned revenue recognized in the financial statements?

What are the payroll taxes paid by employees?
Payroll taxes must be withheld from an employee's paycheck. Payroll tax deductions include:
1) Federal income tax withholding (based on withholding tables in Publication 15)
2) Social Security ...

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