Asked by Genelyn Silva on May 19, 2024
Verified
A payroll tax is also referred to as a social insurance tax.
Payroll Tax
Taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff.
Social Insurance Tax
Taxes imposed on employees and employers to fund public insurance programs, such as social security, health care, and unemployment benefits.
- Understand the purpose of social insurance taxes and their dedication towards social programs.
Verified Answer
RT
Raynald ThomasMay 21, 2024
Final Answer :
True
Explanation :
A payroll tax is indeed often referred to as a social insurance tax because it funds social insurance programs, such as Social Security and Medicare in the United States.
Learning Objectives
- Understand the purpose of social insurance taxes and their dedication towards social programs.
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