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The Payroll Taxes

DVangura Wrote: Jan 14, 2013 9:59 AM
It is a lie that your employer pays 1/2 of Social Security and Medicare taxes. Ask someone who is self employed who pays these taxes and you will learn the answer. The answer is the person working. You are working for your employer and you must generate more value for your employer than he expends in employing you. If you do not succeed in this then one of 2 events happens. You are fired, or the employer goes out of business. Thus the law keeps you ignorant of who really pays these taxes. To illustrate the point an employer must pay $100 to employ you. That is his total cost in taxes and wages. Now the accounting gimmicks come into play. Instead of you earning $100, you and the employ say you "earn" $85.
James365 Wrote: Jan 15, 2013 11:18 PM
Yes you are right. Your labor along with your fellow employees must pay for all the overhead including employer's share of the FICA. Your labor also pays part of the rent, the leased vehicles, the bank interest, and numerous other expenses. Your boss, however, was the one who risk his money and started the business. If the business fails, he goes bankrupt - not you. It's a great partnership and he deserves your thanks as much as you deserve his.
DVangura Wrote: Jan 14, 2013 10:07 AM
Eighty-five dollars are entered under "wages" and $15 are entered under "payroll taxes." However, it is YOU who earned that $15 dollars to pay the "employer's share." Not only that, but the employer also withholds your "share" of payroll taxes taking another $15 from what you earned. Thus leaving you with a net of $70.
In summary, the employee ends up paying for all payroll taxes because it is his work that generates the revenue the employer uses to pay them.

The big hoo-hah over taxes we had to suffer through last month had to do with income tax rates and some specialty items that largely attached to corporations.

As you may know if you've ever made the mistake of saying "about half of those who work pay no taxes at all" in front of a Liberal, everyone who shops pays sales taxes, everyone who drives pays gasoline taxes, and everyone who works pays … payroll taxes.

Payroll taxes, as the term is typically used, are those you pay into the Social Security system (officially known as Old-Age, Survivors, and...