Payroll taxes
Interactive Video
•
Business, Health Sciences, Biology
•
University
•
Hard
Wayground Content
FREE Resource
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.
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