Payroll Taxes verus Income Taxes

[jfssms]

Would someone please explain the difference to me?

 

[gl55]

I guess this is a serious question?
Payroll taxes are the FICA withholdings on your pay detail. Supposed to fund Social Security benefits.
Income taxes are the Federal and State taxes withheld less what you get back as a refund or plus what you pay additionally to the IRS and OK Tax Comm when you file income tax returns.

 

[jfssms]

I guess this is a serious question?
Payroll taxes are the FICA withholdings on your pay detail. Supposed to fund Social Security benefits.
Income taxes are the Federal and State taxes withheld less what you get back as a refund or plus what you pay additionally to the IRS and OK Tax Comm when you file income tax returns.

This is serious, is there anymore info on FICA and Medicare.

I'm trying to find out if OSA'er realize their employers match FICA and Medicare.

 

[TerryMiller]

I don't know about the others, but I've known it for years. That is why I've said that if the government would give me back my Social Security "deposits" PLUS the "deposits" made on my behalf by my employers, I wouldn't require the government to pay me any Social Security benefits.

But, good luck with that. Also, when I turned 65, I didn't plan on signing up for Medicare because I am still employed and have health insurance. However, the government insists that I do and if I don't, they will penalize me a percentage for every year that I don't sign up. By signing up, they now take back some of the Social Security benefits that I do get to pay for my Medicare enrollment.

So, I've been paying into Medicare since it was developed and now get to pay through my employer and through my SS benefits.

 

[jfssms]

Thank you, Sir

 

[mhphoto]

The norm used to be 7.65% (6.2% for SS and 1.45% for Medicare) taken from your paycheck and matched by the employer, making 15.3% of your total income, up to $102,000, over which you're only taxed the 1.45% portion for Medicare. But is the payroll tax cut still in effect? I don't know.

 

[jfssms]

The norm used to be 7.65% (6.2% for SS and 1.45% for Medicare) taken from your paycheck and matched by the employer, making 15.3% of your total income, up to $102,000, over which you're only taxed the 1.45% portion for Medicare. But is the payroll tax cut still in effect? I don't know.

Yes, I believe you figures are correct, except the taxable limit has increased. Also there is no limit on Medicare contributions.

Edit; we are receiving some sort of discount on FICA.

Their getting us ready for no dollars.

IMHO