Federal taxation homework week 8
It is important to note that this figure does not include any additional deductions such as taxes or employee benefits which could further reduce the amount of money that an employer pays out each year. For example, if an employer provides health insurance or a retirement savings plan to their employees and contributes towards these costs each year they will also have deducted from their total payroll costs before paying out salaries and wages to staff members. These additional deductions should also be taken into account when calculating an entity’s total wage deduction for any given period of time.