PAYROLL TAX is NOT an INCOME TAX!!!!!!!!!!!!!!! I’m so damned tired of people trying to make out like it is. They are the REQUIRED contributions to Social Security and Medicare - NOT FEDERAL TAXES. So the author’s premise it is just the ‘poor and elderly’ is bullshit.
I emailed the author and told him so. He and his editor, especially working for a business magazine, should know better.
But it is a Tax.
I’m so damned tired of people trying to make out like it is. They are the REQUIRED contributions to Social Security and Medicare - NOT FEDERAL TAXES.
So then are taxes now "contributions" and not taxes???
Are they not collected by the FEDERAL GOVERNMENT???
Get Real. You are sounding like Nancy Pelosi.
Shout it out, over and over and over again.
Payroll tax is calculated on what? One's ability to work?
one's ability to get to work on time?
The amount of actual hours worked?
perhaps on the type of job one does?
Oh, wait, it is calculated based on the total gross amount of money one earns in a given time frame, ie, one's earning, gross earning.
From that, the boss deducts, for the employee, per schedule printed on government booklet, entitled income tax schedule.
The amount deducted, is based on the total income. It is a amount of money that is on a sliding scale, taking more out as the amount earned is increased.
It is a levy placed against one's gross earnings.
The govt long ago decided that taking out a per cent per check was much easier to get past the masses than one check a year, or quarter.
So, it is not called an income tax, it is merely a payroll tax, on income.
See the beauty of the plan?
Now, in case the payroll tax was erroneously calculated too low, there is another hurdle, the actual "income tax", to be calculated at the end of the year, based on deductions and the like (placed there by representatives as a favor to their constituents).it is after all not calculated on your payroll, bur your income.
See the difference?