What are payroll taxes and how do they work?
An example of an AI chatbot conversation about payroll taxes and their implications.
What are payroll taxes and how do they work?
Payroll taxes are taxes withheld from employees' wages and are used to fund social security and Medicare.
What percentage of my paycheck goes to payroll taxes?
Typically, payroll taxes amount to about 7.65% of your gross income, which includes Social Security and Medicare taxes.
Are there any deductions I can claim to reduce my payroll taxes?
While payroll taxes are generally fixed, certain pre-tax deductions like retirement contributions can lower your taxable income.
How do payroll taxes differ from income taxes?
Payroll taxes are specifically for funding social programs, while income taxes are used for general government funding.
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