What Is Payroll Tax and Why Does It Matter to Employees?

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Employees will understand what is payroll tax if they want to understand how the payroll deductions contribute to Social Security and Medicare. Payroll taxes are taxes imposed on wages that are required by both the employer and the employee. People often mix up this up for income tax, but income tax and payroll tax are distinctly different in their purpose and calculation. An understanding of what payroll taxes creates awareness of benefits associated with income. The structure of a general payroll tax assures a steady flow of revenue to necessary programs.
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