I need to know in very simple terms what payroll taxes are. Thanks to those who may answer.
metabozboz: Taxes that are automatically deducted from your paycheck by your employer are payroll taxes.
Federal income tax, Medicare, and Social Security taxes are the common ones. Depending on your state, you may also have state, county, and city taxes deducted from your paycheck.
At the first part of every year, you fill out a Tax Return form to show the amount of income you have earned and the amount of federal income tax you have paid. Federal income tax can be refunded back to you in the form of a tax return if you over paid your estimated taxes during the year. If you have paid state or local taxes, you can also fill out a state Tax Return to show the amount of state and local taxes you have paid. If you have over paid, you would get a refund. If you underpay on either federal or state, you would owe more taxes.
Medicare and Social Security taxes are not refunded. It becomes part of the funding that pays for senior's social security income.
Payroll taxes are taxes that are withheld from a paycheck (for working a job) based upon tax laws that are pertinent (examples include federal , state and local income taxes, social security, medicare, etc).
Taxes on wages. These include Social Security, Medicare and Unemployment taxes. In my state, California, there is also State Disability Insurance.
Payroll taxes are taxes you pay on the wages you earn. It is deducted from your
earned wages each pay and submitted to the IRS.