Payroll taxes

The video explains payroll taxes, created to fund Social Security and Medicare. Both employers and employees contribute 7.65% of wages, with specific caps for Social Security and Medicare. Certain groups, like ministers and students, are exempt. Self-employed individuals pay both employer and employee portions as self-employment taxes.

Who are some individuals or groups that are exempt from paying FICA taxes?

What is the difference between payroll taxes and self-employment taxes?

What happens to self-employed individuals who make less than $400 in self-employment income?