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The tax is paid by employers based on the total remuneration (salary and benefits) paid to all employees, at a standard rate of 14% (though, under certain circumstances, can be as low as 4.75%). Employers are allowed to deduct a small percentage of an employee's pay (around 4%). Another tax, social insurance, is withheld by the employer.
The authorization of the Emergency Unemployment Compensation (EUC) program is extended through January 2, 2013, at up to 89 or 99 weeks until May 2012 depending on the state, up to 79 weeks through August, and up to 73 weeks through December. This provision is expected to cost $30 billion. [2]
payroll tax is actually a misnomer. social security and unemployment insurance payments are not tax. income tax withholding is tax on income. there is no tax on payrolls. Darkstar1st ( talk) 19:26, 22 December 2011 (UTC) Social Security and Medicare taxes are taxes imposed under 26 USC 3101 and 3111.
The enacted budget contained $2.469 trillion in receipts and $3.796 trillion in outlays, for a deficit of $1.327 trillion. Total receipts 2012 Actual Receipts by Source Individual income tax (46.2%) Social Security /other payroll tax (34.5%) Corporate income tax (9.9%) Deposits of earnings and Federal Reserve System (3.3%) Excise tax (3.2%)
These include Social Security and Medicare taxes imposed on both employers and employees, at a combined rate of 15.3% (13.3% for 2011 and 2012). Social Security tax applies only to the first $132,900 of wages in 2019. There is an additional Medicare tax of 0.9% on wages above $200,000. Employers must withhold income taxes on wages.
The taxation limit in 2020 was $137,700 of gross compensation, resulting in a maximum Social Security tax for 2020 of $8,537.40. This limit, known as the Social Security Wage Base, goes up each year based on average national wages and, in general, at a faster rate than the Consumer Price Index (CPI-U).