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What are the advantages of payroll taxes?

Sagot :

You can ensure that you will receive the benefits you are entitled to from the government by making sure that you pay the appropriate payroll taxes. The following are government benefits: Joblessness Protection Advantages. Benefits from Disability Insurance.

State and federal taxes that your employer is required to withhold from your paycheck are known as payroll taxes. These taxes are sent to the government by your employer to pay for benefits that you may be eligible for if you become disabled, unemployed, or retired.

You are responsible for contributing some payroll taxes, such as your entire state and federal income taxes and your FICA taxes, which cover your portion of Social Security and Medicare taxes. Additionally, your employer bears its fair share of payroll taxes. It should pay the other portion of your Government backed retirement and Federal health care charges, as well as everything of any state and administrative joblessness charge.

Typically, your paycheck is used to pay your payroll taxes. However, if you are paid in cash, your employer may not have made these deductions by mistake.

In addition, there is no assurance that your employer will send the payroll taxes that were deducted from your wages to the government, regardless of whether you are paid by check or cash, even if your employer correctly makes the deductions when you are paid.

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