Here's how payroll tax cuts work and why they might not be in the next stimulus package:
, saying,"I've been thinking about payroll taxes for a long time. Many people would like to see that."The last payroll tax cut for American workers was pushed through by the Obama administration in 2011, despite concerns that the cut would increase the federal deficit. The theory was - as now - that the benefit would offset any costs. After the first round, Congress Here's how the payroll tax cuts worked.
Unlike Medicare, Social Security taxes are subject to a wage cap. In other words, you pay Social Security taxes on your earnings until you hit a magic number. After that, your wages are no longer subject to Social Security taxes. For 2020 that magic number is . That means that whether you make $1,000 or $100,000, you will pay Social Security taxes on that income. But if you earn $137,701? You'll pay Social Security taxes on $137,700, but not on the extra dollar.
Your employer collects those Social Security and Medicare payments and remits them to the government on your behalf . These taxes are sometimes referred to as"trust fund" taxes and are credited toward your retirement benefits. You can find out more about trust fund taxes With that, here's how the 2011 payroll tax cut worked. On the employer side, payroll tax contributions for federal purposes remained the same.
Payroll tax cut savings are generally small compared to the administrative burden required to educate employers and revise payroll tax forms
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