People don't like paying taxes, but in some circumstances it's for their own good. The growth of employee tax withholdings, or the payroll taxes being withheld by the government, have been steadily increasing over the course of the year, according to Joe LaVorgna, chief US economist at Deutsche Bank. Show More Summary
If you’re a business owner, especially a small business owner, there are likely many concerns that occupy your mind on a day-to-day basis. Business owners wear many hats, so you may be used to handling payroll, figuring out your taxes, managing employees, dealing with customers, fussing with inventory, and a host of other daily activities. Show More Summary
This presidential election year, the candidates' tax focus is, as usual, on how to lower income tax rates for at least some Americans. But, notes the Tax Policy Center (TPC), most U.S. workers hand over more in payroll taxes than income taxes. Show More Summary
A view of the Internal Revenue Service's headquarters March 24, 2016 in Washington, DC. BRENDAN SMIALOWSKI/AFP/Getty Images) Americans agonize each spring over their annual federal income tax returns. In terms of how much tax they pay, however, they should worry more about the payroll taxes their employers withhold from every paycheck. [...]
Americans agonize each spring over their annual federal income tax returns. In terms of how much tax they pay, however, they should worry more about...
As the world awaits tomorrow's "most important jobs data ever" on the basis that it alone will decide the path of The Fed's data-dependent rate decisions and thus the tightening of financial conditions across global markets, there is...Show More Summary
Recently, the IRS sent a tremendous number of Failure to Deposit Notices to employers, treating monthly and daily deposits of payroll taxes as having been filed late. Someone figured out that these notices were wrong, because the due date was not the usual April 15 but April 18 on account of holidays. Show More Summary
So much for payrolls tracking declining tax withholdings. With many expecting a payrolls whisper number to come below the consensus print of 180K, moments ago the BLS reported that July payrolls soared by 255K, above even the highest...Show More Summary
In our previous post on payroll taxes, we began reviewing some of the most prominent taxes on your paystub: FICA and MEDFICA. We discussed what these payroll taxes, as they are commonly known, are and who exactly pays for them. In this...Show More Summary
The measure would have imposed a 1.5 percent payroll tax on tech companies to fund affordable housing and homeless services. [ more › ]
Chances are, if you were to pull out your latest pay stub, you would see two important lines among the list of taxes taken out of your wages: FICA and MEDFICA. If you were to do the math, these two lines, standing for Federal Insurance...Show More Summary
Much is being made this political season over the stagnant incomes of middle-class workers and what can be done to improve their living standards. Solutions have ranged from more targeted tax cuts—such as “payroll tax cuts, family-friendly...Show More Summary
David Wessel: The three options chosen most frequently by people who have played to completion are a $25-a-ton carbon tax; eliminating tax breaks for oil, gas and coal; and lifting the ceiling on the Social Security payroll tax.
The Tax Policy Center has updated its estimate of the percentage of Americans who pay no federal individual income taxes. And the number is: 44...
The Tax Policy Center has updated its estimate of the percentage of Americans who pay no federal individual income taxes. And the number is: 44 percent—roughly what it was last year but well below the 50 percent peak during the Great Recession. TPC projects the fraction will decline slowly to 40 percent a decade from now. Of […]
Would you be willing to swap a new, broad-based consumption tax for your employer’s share of the Social Security and Medicare payroll tax? According to...
Would you be willing to swap a new, broad-based consumption tax for your employer’s share of the Social Security and Medicare payroll tax? According to a new paper by my colleagues Jim Nunns and Joe Rosenberg, it would be a good trade for all but the highest income taxpayers. Not [...]
It involves the retirement program's trust fund and what happens to its money, which comes from your payroll taxes
SAN FRANCISCO—San Francisco supervisors want to put a 1.5 percent payroll tax on November's ballot that would hit San Francisco-based tech companies to help address the city's housing shortage and chronic homelessness. The tax wouldShow More Summary
The measure would impose a 1.5 percent payroll tax of SF's tech companies. [ more › ]