Final answer:
Payroll taxes fund federal programs like Social Security & Medicare, crucial for social welfare. Employers & employees contribute to these taxes, supporting government initiatives.
Explanation:
Payroll taxes are the taxes levied on employers and employees to pay for federal programs such as Social Security and Medicare. These taxes are essential sources of revenue for the government, with income taxes also contributing significantly.
Employers are required to withhold payroll taxes from employees' wages and also contribute their share to these federal programs. This system helps fund important social welfare programs and retirement benefits.
Learn more about Payroll taxes for Social Security and Medicare here:
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