What does PTEB mean in BUSINESS

Payroll taxes are taxes imposed by the government on the wages paid by employers to their employees. This includes both federal income taxes as well as Social Security and Medicare taxes which are withheld from employee wages each pay period.

The amount of money withheld from an employee's paycheck depends on their taxable income, filing status, and other factors; however, they typically range between 7-20 percent of earned wages. This means that the more a person earns, the higher percentage of their pay will be taken away in taxes.

In addition to payroll taxes, voluntary deductions might also be taken out of an employee's check for things such as charitable donations or medical expenses. These deductions may reduce taxable income but do not go towards funding government programs like payroll taxes do.

Depending on the employer, employees usually have access to some sort of benefits package that may include health insurance coverage, paid vacation days or sick leave days, retirement savings plans such as 401(k)s or 403(b)s, life insurance coverage, tuition reimbursement programs, etc.

Most employer-sponsored benefits including health insurance coverage and retirement plans are generally not subject to taxation; however certain perks such as commuter or parking reimbursements may be taxed depending on their value and how they were received (cash versus non-cash).