Payroll taxes are for Social Security and Medicare/Medicaid
Dark Knight Send a noteboard - 18/09/2012 07:11:57 PM
First of all, it really does look like you might be misinterpreting it. Getting a portion of your income taxes back would not put you into "zero or negative income tax" range, because there are still income taxes you paid that you did not get back, above and beyond the income taxes you paid and did get back.
My question is about payroll tax. Is that not a form of federal tax that comes essentially out of a person's income as well? Because the chart says that only 18.1 percent of people have both zero income tax and zero payroll tax (and 27.6 percent that have a zero sum of those two, which I assume means that their negative income tax balances out their payroll taxes). What is the distinction there? Is there a reason why payroll tax is ignored in the 47 percent number? I honestly do not know how payroll taxes work.
Payroll taxes are paid by both the employee and employer. As far as I know, they aren't refundable. As to why there is net zero payroll tax, maybe it's people drawing a pension? Payroll taxes are only paid for, you know, working.
Formerly Mat Bloody Cauthon on Wotmania, blessed be its name
what does it mean to "pay no federal income tax"?
- 18/09/2012 06:30:28 PM
1151 Views
Wrong
- 18/09/2012 06:37:07 PM
711 Views
Additional categories
- 18/09/2012 06:51:46 PM
835 Views
SS income is very much taxed, my friend
- 18/09/2012 06:59:28 PM
700 Views
Is that true?
- 18/09/2012 06:54:33 PM
730 Views
No, it's not. See my post (you should really have read it first
) *NM*
- 18/09/2012 07:00:07 PM
296 Views
) *NM*
- 18/09/2012 07:00:07 PM
296 Views
Looking at that chart you linked, I have some questions.
- 18/09/2012 07:05:24 PM
682 Views
Payroll taxes are for Social Security and Medicare/Medicaid
- 18/09/2012 07:11:57 PM
665 Views
I think the reasoning is that since they go to entitlement programs, it's not entirely a tax.
- 18/09/2012 10:55:12 PM
650 Views
Does that mean the correct number is that 27.6%?
- 18/09/2012 07:17:46 PM
689 Views
That is correct - some folks have such negative income taxes, it offsets payroll as well.
- 19/09/2012 05:28:07 AM
700 Views
If it helps, here's a graph of effective federal tax rate by quintile, all taxes (data from 2007)
- 19/09/2012 08:30:37 AM
929 Views
While we're talking about taxes, am I the only one who doesn't give a rat's ass about Romney's?
- 18/09/2012 10:37:12 PM
679 Views
That sort of thing does matter to me
- 18/09/2012 10:48:30 PM
639 Views
Ah, yeah, not so much for me.
- 18/09/2012 11:16:56 PM
612 Views
I am a BIT curious whether he took the IRS amnesty for tax dodging in 2009.
- 18/09/2012 11:32:31 PM
596 Views
As an outside observer ...
- 19/09/2012 01:28:13 AM
676 Views
Re: As an outside observer ...
- 19/09/2012 04:45:11 AM
646 Views
the question of legality has already been covered by the offshore accounts though....
- 19/09/2012 05:44:28 AM
663 Views
Eh, those already exist, if people bothered to look
- 19/09/2012 08:08:35 AM
870 Views
Those are toothless examples, no bite to them and old news so no shock value aspect
- 19/09/2012 08:44:01 AM
608 Views
The stat is valid, because of tax credits the GOP created/expanded for the overtaxed middle class.
- 18/09/2012 11:22:13 PM
670 Views
I think you got it wrong:
- 19/09/2012 01:52:30 AM
629 Views
+1 - you are correct, moondog screwed the pooch with this post. *NM*
- 19/09/2012 05:18:19 AM
275 Views
Washington Post similar to Anonymous', but shows how many people get each credit.
- 19/09/2012 06:45:08 PM
731 Views
