Ms. Naira. What are Payroll Taxes Taxes that are deducted from out paycheck are called payroll taxes (employers must do so by law) Payroll taxes Include:

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Presentation transcript:

Ms. Naira

What are Payroll Taxes Taxes that are deducted from out paycheck are called payroll taxes (employers must do so by law) Payroll taxes Include: Social security Tax Medicare Tax Federal Income Tax State Income Tax Federal Unemployment tax (FUT) State Unemployment Tax (SUT)

Typical Paystub and Check For NYC

Pay Stub W-4 Status Payroll Taxes

Our taxes provide services TaxService it Provides Social security Tax(aka FICA) retirement, disability, survivor’s insurance Medicare Tax(aka FICA) Hospital benefit insurance: Inpatient care, Nursing facility… Federal Income TaxPublic Schools, Public Parks, roads, bridges/tunnels, jails, national defense and interest on national debt, among many more. State Income TaxLocal roads, local hospitals, local schools, local parks (similar to FIT) Federal Unemployment tax (FUT) Pays administrative expenses associated with running unemployment agency (employees salaries…) State Unemployment Tax (SUT) Pays benefits to individuals that have lost their jobs (that are now unemployed)

Food for Thought What would happen if NO ONE paid taxes? What country would you prefer to live in, a country like the one we have today in which we pay a lot of taxes and receive some benefits, or a country in which we don’t pay any taxes and do not receive any benefits? Would your response change if you were a millionaire? Fraud (of “free” services) is a major concern that many citizens (including myself) have, propose a solution that can help reduce or eliminate fraud.