Final answer:
Revenu Québec operates under various statutes impacting payroll, such as the Taxation Act and the Act respecting the Québec Pension Plan. In the U.S., payroll taxes, a major revenue source, fund social programs and require compliance in reporting and payment by employers.
Step-by-step explanation:
Revenu Québec (RQ) carries out its mandate under a number of different statutes. Those that have an impact on payroll are the Taxation Act, the Act respecting the Québec Pension Plan, the Act respecting the Régie de l'assurance maladie du Québec, and other related provincial legislation. Payroll taxes are an important component of revenue for governments, as they provide funds for social programs like Social Security and Medicare. In Canada, and specifically in Québec, this also includes the Québec Pension Plan and provincial health insurance coverage.
In the United States, payroll taxes are the second largest source of federal revenue and have increased steadily over time. These taxes are assessed by federal, state, and local governments, and they include deductions from an employee's wages as well as taxes paid by employers based on those wages. Payroll taxes fund crucial social insurance and retirement programs. It is essential for employers to comply with the regulations of reporting and paying these taxes both quarterly and annually.