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What Are Employment Taxes?

by rlcoch01 last modified Oct 31, 2007 10:39 PM

Employment taxes are social security and Medicare taxes.  All employers withhold these taxes from their employee's pay.  These taxes are also call FICA ( Federal Insurance Contributions Act) taxes.  These taxes are taken from your wages now to help you later in life.  The social security taxes you pay are reported to your individual social security account.  This money will be paid back out to you when you retire or if you become disabled.  Your Medicare taxes will provide you with basic health insurance once you reach 65, or earlier if you become disabled.

Each pay period, your employer pays the federal government an amount equal to your personal FICA taxes.  This means your social security account actually gains twice the amount you put into it with each paycheck.  The Mediare system also gains twice your Medicare tax amount each time you receive your wages.

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