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Archived on: 11/7/2020 10:00:00 AM
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[–] 25097047? 1 point 3 points 4 points (+4|-1) ago
This payroll cut thing is a current deferment only. He would like to make this deferment permanent. Not future payroll taxes. Am I wrong?
[–] 25097717? 0 points 1 point 1 point (+1|-0) ago
What's a payroll tax? I don't know, I'm from the UK. Is this income tax, social security?
[–] 25097972? 0 points 2 points 2 points (+2|-0) ago (edited ago)
Social security tax @ 6.4%
And a Medicaid Tax @ 1.45 %
The employer needs to match this tax withholding, also.
So, both employee and employer benefit.
[–] 25170128? ago (edited ago)
The payroll tax is the income tax that you owe the govt that is withheld by your employer who remits this to the govt on your behalf. So basically you pay no tax on your income. Does not affect Social Security. Self employed people don't participate in payroll tax, they pay in a different way.