If you ever start your own business, I guarantee you will change your tune about most of the stuff you believe in now.
Could you imagine what would happen if all Americans had to make quarterly tax payments? People just look at the net in their check. They don't understand the FACT that the employer makes a matching tax payment for FICA.
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Statutory Payroll Tax Deductions
Payroll taxes must be withheld from an employee's paycheck. This is required by law. Employers must hand these withholdings over to various tax agencies. Payroll tax deductions include the following:
•Federal income tax withholding (based on withholding tables in Publication 15)
•Social Security tax withholding (6.2% up to the annual maximum)
•Medicare tax withholding (1.45%)
•State income tax withholding
•Various local tax withholdings (such as city, county, or school district taxes, state disability or unemployment insurance).
Employer Payroll Taxes
Companies are responsible for paying their portion of payroll taxes. These payroll taxes are an added expense over and above the expense of an employee's gross pay. The employer-portion of payroll taxes include the following:
•Social Security taxes (6.2% up to the annual maximum)
•Medicare taxes (1.45% of wages)
•Federal unemployment taxes (FUTA)
•State unemployment taxes (SUTA)
FICA Taxes
FICA stands for the Federal Insurance Contributions Act. The FICA tax consists of both Social Security and Medicare taxes. Social Security and Medicare taxes are paid both by the employees and the employer. Both parties pay half of these taxes. Employees pay half, and employers pay the other half. Together both halves of the FICA taxes add up to 15.3%. The 15.3% FICA tax is broken down as follows:
•Social Security (Employee pays 6.2%)
•Social Security (Employer pays 6.2%)
•Medicare (Employee pays 1.45%)
•Medicare (Employer pays 1.45%)
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People don't even realize that the government steals 7.65% of their checks.
If people actually had to write out the full amount of all the taxes they were paying, people would go crazy.
But the sheeple stay content in their ignorance and continue to vote for the very people that do them harm financially.