How Much Are Payroll Taxes in 2021?
Most Americans are quite familiar with federal and state income taxes, but payroll taxes aren't understood quite as well.
Payroll taxes are types of tax that are applied to earned income, meaning wages, salaries, bonuses, and income from a business you actively participate in. There are two components to the payroll tax in the United States -- Social Security and Medicare. Each one has different rates, income limitations, and other details to know. So, let's look at them one at a time.
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Source Fool.com