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Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their employees.
A paycheck, also spelled paycheque, pay check or pay cheque, is traditionally a paper document (a cheque) issued by an employer to pay an employee for services rendered. In recent times, the physical paycheck has been increasingly replaced by electronic direct deposits to the employee's designated bank account or loaded onto a payroll card.
The amount to be withheld is based on both the amount wages paid on any paycheck and the period covered by the paycheck. Federal and some state withholding amounts are at graduated rates, so higher wages have higher withholding percentages.
Full-time employees will receive $1,000 if they earned less than $100,000. From there it's a sliding scale determined by paycheck size: $800 between $100,000 - $109,999; $600 between $110,000 ...
The deferral, which went into effect Sept. 1, means that people making less than $104,000 a year will see a short-term increase in their net pay.
Employers who provide the benefit as a tax-free fringe benefit (paid by the employer) save on payroll taxes because the employer does not need to include the amount of the fringe benefit in the employee's gross income.
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