What is the difference between payroll taxes&income taxes?

Answer Payroll taxes and income taxes are two sources of revenue for the government. Payroll taxes are also known as FICA taxes.FunctionPayroll taxes only apply to earned income such as wages, salaries an... Read More »

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What is the difference between taxes&bonds?

Taxes and bonds are both ways to generate revenue, but they have different characteristics. Whereas a bond is a voluntary agreement between two parties, a tax is mandatory for taxpayers.Federal Inc... Read More »

What payroll taxes can the employer deduct?

The law requires employers to deduct income taxes from employees' wages. The employer is also responsible for submitting the taxes to the government. The withholding amount depends on the type of t... Read More »

What does the employee pay on payroll taxes?

The employee pays federal income tax, which is based on his Form W-4 and the IRS' withholding tax tables. He also pays Medicare tax--6.2 percent of his gross income, up to $106,800 for year 2010 an... Read More »

How to Pay Payroll Taxes?

Employers are responsible for withholding and paying payroll taxes for employees. They are required to withhold Federal Income Tax, Social Security and Medicare Taxes. You may also be responsible f... Read More »