What are the current payroll tax rates?
An example of an AI chatbot conversation about payroll tax rates and their implications.
What are the current payroll tax rates?
The current payroll tax rates in the U.S. are 6.2% for Social Security and 1.45% for Medicare, for employees.
Are there any additional taxes for self-employed individuals?
Yes, self-employed individuals pay both the employee and employer portions, totaling 12.4% for Social Security and 2.9% for Medicare.
How often do these rates change?
Payroll tax rates can change annually, typically based on legislation or adjustments for inflation.
What impact do these taxes have on my paycheck?
Payroll taxes reduce your take-home pay, as they are deducted from your gross income before you receive your paycheck.
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