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Payroll Taxes
Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff. Payroll taxes generally fall into two categories: deductions from an employee's wages, and taxes paid by the employer based on the employee's wages. The first kind are taxes that employers are required to withhold from employees' wages, also known as withholding tax, pay-as-you-earn tax (PAYE), or pay-as-you-go tax (PAYG) and often covering advance payment of income tax, social security contributions, and various insurances (e.g., unemployment and disability). The second kind is a tax that is paid from the employer's own funds and that is directly related to employing a worker. These can consist of fixed charges or be proportionally linked to an employee's pay. The charges paid by the employer usually cover the employer's funding of the social security system, Medicare, and other insurance programs. It is sometimes claimed that the ...
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Federal Insurance Contributions Act Tax
The Federal Insurance Contributions Act (FICA ) is a United States federal payroll (or employment) contribution directed towards both employees and employers to fund Social Security and Medicare—federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers. Calculation Overview The Federal Insurance Contributions Act is a tax mechanism codified in Title 26, Subtitle C, Chapter 21 of the United States Code. Social security benefits include old-age, survivors, and disability insurance (OASDI); Medicare provides hospital insurance benefits for the elderly. The amount that one pays in payroll taxes throughout one's working career is associated indirectly with the social security benefits annuity that one receives as a retiree. Consequently, Kevin Hassett wrote that FICA is not a tax because its collection is directly tied to benefits that one is entitled to collect later in life. However, the United States Supreme Court ruled in ...
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Payroll And Income Tax By Country
In treasury management, a payroll is the list of employees of some company that is entitled to receive payments as well as other work benefits and the amounts that each should receive. Along with the amounts that each employee should receive for time worked or tasks performed, payroll can also refer to a company's records of payments that were previously made to employees, including salaries and wages, bonuses, and withheld taxes, or the company's department that deals with compensation. One way that payroll can be handled is in-house, meaning that a company handles all aspects of the payroll process on its own, including timesheets, calculating wages, producing paychecks, sending the ACH (Automated Clearing House), for any direct deposits, and remitting any tax payments necessary. Payroll can also be outsourced to a full-service payroll processing company. When a company chooses to outsource their payroll, timesheets, wage calculations, creating paychecks, direct deposits, and tax ...
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Croatia
:* french: link=no|République de Croatie :* hu|Horvát Köztársaság :* it|Repubblica di Croazia :* rue|Републіка Хорватія :* sr|Република Хрватска :* sk|Chorvátska republika :* sl|Republika Hrvaška :* uk|Респу́бліка Хорва́тія | image_flag = Flag of Croatia.svg | image_coat = Coat of arms of Croatia.svg | anthem = "Lijepa naša domovino"(''"Our Beautiful Homeland"'') | image_map = | map_caption = | capital = Zagreb | coordinates = | largest_city = capital | official_languages = Croatian | languages_type = Writing system | languages = Latin | ethnic_groups = | ethnic_groups_year = 2011 | religion = | religion_year = 2011 | demonym = | government_type = Unitary parliamentary constitutional republic | leader_title1 = President | leader_name1 = Zoran Milanović | leader_title2 = Prime Minister | leader_name2 = Andrej Plenković | leader_title3 = Speaker of Parliament | leader_name3 = Gordan Jandroković | legis ...
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Social Security (United States)
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration. The original Social Security Act was signed into law by Franklin D. Roosevelt in 1935,Social Security Act of 1935 and the current version of the Act, as amended,2 USC 7 encompasses several social welfare and social insurance programs. Social Security is funded primarily through payroll taxes called Federal Insurance Contributions Act tax (FICA) or Self Employed Contributions Act Tax (SECA). Tax deposits are collected by the Internal Revenue Service (IRS) and are formally entrusted to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, the two Social Security Trust Funds.four These two trust funds purchase government securities, the interest income from which is used presently to fund the monthly allocations to qualifying citizens. W ...
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Internal Revenue Service
The Internal Revenue Service (IRS) is the revenue service of the United States federal government responsible for collecting taxes and administering the Internal Revenue Code, the main body of federal statutory tax law. It is part of the Department of the Treasury and led by the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States. The duties of the IRS include providing tax assistance to taxpayers; pursuing and resolving instances of erroneous or fraudulent tax filings; and overseeing various benefits programs, including the Affordable Care Act. The IRS originates from the Commissioner of Internal Revenue, a federal office created in 1862 to assess the nation's first income tax to fund the American Civil War. The temporary measure provided over a fifth of the Union's war expenses before being allowed to expire a decade later. In 1913, the Sixteenth Amendment to the U.S. Constitution was ratified authorizing Congress ...
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Median Household Income And Taxes
In statistics and probability theory, the median is the value separating the higher half from the lower half of a data sample, a population, or a probability distribution. For a data set, it may be thought of as "the middle" value. The basic feature of the median in describing data compared to the mean (often simply described as the "average") is that it is not skewed by a small proportion of extremely large or small values, and therefore provides a better representation of a "typical" value. Median income, for example, may be a better way to suggest what a "typical" income is, because income distribution can be very skewed. The median is of central importance in robust statistics, as it is the most resistant statistic, having a breakdown point of 50%: so long as no more than half the data are contaminated, the median is not an arbitrarily large or small result. Finite data set of numbers The median of a finite list of numbers is the "middle" number, when those numbers are listed ...
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Effective Payroll Tax Rate For Different Income Percentiles (2010)
Effectiveness is the capability of producing a desired result or the ability to produce desired output. When something is deemed effective, it means it has an intended or expected outcome, or produces a deep, vivid impression. Etymology The origin of the word "effective" stems from the Latin word effectīvus, which means creative, productive or effective. It surfaced in Middle English between 1300 and 1400 A.D. Usage In mathematics, ''effective'' is sometimes used as a synonym of ''algorithmically computable''. In group theory, a group element acts ''effectively'' (or ''faithfully'') on a point, if that point is not fixed by the action. In physics, an effective theory is, similar to a phenomenological theory, a framework intended to explain certain (observed) effects without the claim that the theory correctly models the underlying (unobserved) processes. In heat transfer, ''effectiveness'' is a measure of the performance of a heat exchanger when using the NTU method. In medi ...
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National Insurance
National Insurance (NI) is a fundamental component of the welfare state in the United Kingdom. It acts as a form of social security, since payment of NI contributions establishes entitlement to certain state benefits for workers and their families. Introduced by the National Insurance Act 1911 and expanded by the Labour government in 1948, the system has been subjected to numerous amendments in succeeding years. Initially, it was a contributory form of insurance against illness and unemployment, as well as eventually provided retirement pensions and other benefits. Currently, workers pay contributions from the age of 16 years, until the age they become eligible for the State pension. Contributions are due from employed persons earning at or above a threshold called the Lower Earnings Limit, the value of which is reviewed each year. Self-employed persons contribute partly through a fixed weekly or monthly payment, and partly on a percentage of net profits above a threshold which is ...
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Pay As You Earn
A pay-as-you-earn tax (PAYE), or pay-as-you-go (PAYG) in Australia, Ireland, New Zealand, and the United Kingdom, is a withholding of taxes on income payments to employees. Amounts withheld are treated as advance payments of income tax due. They are refundable to the extent they exceed tax as determined on tax returns. PAYE may include withholding the employee portion of insurance contributions or similar social benefit taxes. In most countries, they are determined by employers but subject to government review. PAYE is deducted from each paycheck by the employer and must be remitted promptly to the government. Most countries refer to income tax withholding by other terms, including pay-as-you-go tax. United Kingdom Origins Devised by Sir Paul Chambers, PAYE was introduced into the UK in 1944, following trials in 1940–1941. As with many of the United Kingdom's institutional arrangements, the way in which the state collects income tax through PAYE owes much of its form and structu ...
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United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and Telegraph' use Britain as a synonym for the United Kingdom. Some prefer to use Britain as shorthand for Great Britain. The British Cabinet Office's Government Digital Servicebr>style guidefor use on gov.uk recommends: "Use UK and United Kingdom in preference to Britain and British (UK business, UK foreign policy, ambassador and high commissioner). But British embassy, not UK embassy." is a sovereign country in north-western Europe, off the north-western coast of the European mainland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands within the British Isles. Northern Ireland shares a land border with the Republic of Ireland. Otherwise, the United Kingdom is surrounded by the Atlantic Ocean, with the North Sea to the east, the English Channel to the south ...
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Marginal Tax
In a tax system, the tax rate is the ratio (usually expressed as a percentage) at which a business or person is taxed. There are several methods used to present a tax rate: statutory, average, marginal, and effective. These rates can also be presented using different definitions applied to a tax base: inclusive and exclusive. Statutory A statutory tax rate is the legally imposed rate. An income tax could have multiple statutory rates for different income levels, where a sales tax may have a flat statutory rate. The statutory tax rate is expressed as a percentage and will always be higher than the effective tax rate. Average An average tax rate is the ratio of the total amount of taxes paid to the total tax base (taxable income or spending), expressed as a percentage. * Let t be the total tax liability. * Let i be the total tax base. ::= \frac. In a proportional tax, the tax rate is fixed and the average tax rate equals this tax rate. In case of tax brackets, commonly used f ...
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Pay-as-you-earn Tax
A pay-as-you-earn tax (PAYE), or pay-as-you-go (PAYG) in Australia, Ireland, New Zealand, and the United Kingdom, is a withholding of taxes on income payments to employees. Amounts withheld are treated as advance payments of income tax due. They are refundable to the extent they exceed tax as determined on tax returns. PAYE may include withholding the employee portion of insurance contributions or similar social benefit taxes. In most countries, they are determined by employers but subject to government review. PAYE is deducted from each paycheck by the employer and must be remitted promptly to the government. Most countries refer to income tax withholding by other terms, including pay-as-you-go tax. United Kingdom Origins Devised by Sir Paul Chambers, PAYE was introduced into the UK in 1944, following trials in 1940–1941. As with many of the United Kingdom's institutional arrangements, the way in which the state collects income tax through PAYE owes much of its form and structu ...
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Hong Kong
Hong Kong (, ), officially the Hong Kong Special Administrative Region of the People's Republic of China (HKSAR) (), is a metropolitan area and special administrative region of the People's Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a territory, Hong Kong is one of the most densely populated places in the world. Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842.. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898... The whole territory was transferred to China in 1997.. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of "one country, two systems". Originally a sparsely populated ar ...
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Zagreb
Zagreb ( , , ; ) is the capital and largest city of Croatia. It is in the northwest of the country, along the Sava river, at the southern slopes of the Medvednica mountain. Zagreb lies at an elevation of approximately above sea level. The estimated population of the city in 2018 was 804,507. The population of the Zagreb urban agglomeration is 1,153,255, approximately a quarter of the total population of Croatia. Zagreb is a city with a rich history dating from Roman times. The oldest settlement in the vicinity of the city was the Roman Andautonia, in today's Ščitarjevo. The name "Zagreb" is recorded in 1134, in reference to the foundation of the settlement at Kaptol in 1094. Zagreb became a free royal city in 1242. In 1851 Zagreb had its first mayor, Janko Kamauf. Zagreb has special status as a Croatian administrative division and is a consolidated city-county (but separated from Zagreb County), and is administratively subdivided into 17 city districts. Most of them are at a ...
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