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Rank: Forum Guru
Joined: 10/4/2010
Posts: 5,588
Location: Alabama, United States
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elitfromnorth wrote:Question: What's the difference between Income Tax and Payroll Tax? We income tax is the percentage a person pays on their gross earnings. Federal withholding, Social Security, Medicare, and in some cases State withholding. The federal and state withholding is a percentage based on gross income, a person's tax bracket. SS and Medicare is the same for everyone regardless of what they make. Every employee must pay into Social Security 8.4% of his wages. For Medicare an employee pays 2.9 % of wages. Where payroll tax comes into play is here. As an employee you are only responsible for half of that. Each check you get, you pay 4.2% to SS and 1.45% to Medicare. Your employer must match that contribution dollar for dollar. If you are self-employed, you're responsible for the entire percentage yourself. Btw, if the Bush era tax break is not renewed, the Social Security tax will go back up to 6.2%/12.4%. So usually when you hear "payroll tax", it's a business or employer talking about the matching tax per employee that they're required to make. If you have a company with 100 employees and you have to pay an extra 2% of tax for each employee, that can add up to a lot of money.
When the debate is lost, slander becomes the tool of the loser. Socrates
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Rank: Forum Guru
Joined: 9/13/2011
Posts: 928
Location: United States
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tazznjazz wrote:I'm noticing a theme here. Some talk as if the world were a spread sheet, looked at through an accountants Bob Cratchet cold gaze, while others show real concern with those not as fortunate to be able to ''borrow money from your dad'' to get out of the whirlpool of poverty that is drowning the hopes and spirits of countless people in the U.S. and all over the world.
That we have a safety net for these citizens shows the world the compassionate nation we are and why we are the nation looked towards to right the ills other countrys neglect.
For those that cry me, me mine and dont take from me, just take a walk through a ghetto and imagine a twist of fate that landed you there with no way out in sight.
If the brilliant accountants of the world set their goals on making this a fair and just land for all to work and live with their heads held high instead of padding their own pockets everyone would prosper in the end.
If this sounds socialist, so be it, but in essence it's capitolisim working as it should. Educating our youth, providing jobs for those out of work due to no fault of their own and giving a helping hand to those in need lifts us all up in the final equation. Still no explanation for why welfare can't be supplied by state governments instead of the federal government so it would negatively impact state competitiveness rather than national competitiveness.
Sensei's altimeter is reading 9000'. Suddenly the engine noise level drops a lot. The engine on the door side of the plane is quiet. We hear, "Shit! Fuck me!" from the cockpit, then the pilot yells, "Everybody out! Now!" Airgasms Induce Orgasms
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Rank: Brawling Berserker
Joined: 2/12/2012
Posts: 1,343
Location: Not on your radar, Norway
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lafayettemister wrote:
We income tax is the percentage a person pays on their gross earnings. Federal withholding, Social Security, Medicare, and in some cases State withholding. The federal and state withholding is a percentage based on gross income, a person's tax bracket. SS and Medicare is the same for everyone regardless of what they make.
Every employee must pay into Social Security 8.4% of his wages. For Medicare an employee pays 2.9 % of wages. Where payroll tax comes into play is here. As an employee you are only responsible for half of that. Each check you get, you pay 4.2% to SS and 1.45% to Medicare. Your employer must match that contribution dollar for dollar. If you are self-employed, you're responsible for the entire percentage yourself. Btw, if the Bush era tax break is not renewed, the Social Security tax will go back up to 6.2%/12.4%.
So usually when you hear "payroll tax", it's a business or employer talking about the matching tax per employee that they're required to make. If you have a company with 100 employees and you have to pay an extra 2% of tax for each employee, that can add up to a lot of money.
And suddenly the Norwegian tax system became disgustingly easy....
An entry for the humour competition! I has it!
Now you can read stuff that's like.. all funny and hillarious and amusing!Choking the Blue Snake!!
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Rank: Forum Guru
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elitfromnorth wrote:And suddenly the Norwegian tax system became disgustingly easy.... Something like 80% of the US tax code is dedicated to defining what taxable income is or isn't. For almost everything, there is a legal way to get around income taxation (deductions for charitable gifts, home mortgage interest, medical expenses, tax credits, etc.). That's why payroll taxes have to be taken off the top. The only way to avoid paying them is to avoid working for a business (which is how I do it).
Sensei's altimeter is reading 9000'. Suddenly the engine noise level drops a lot. The engine on the door side of the plane is quiet. We hear, "Shit! Fuck me!" from the cockpit, then the pilot yells, "Everybody out! Now!" Airgasms Induce Orgasms
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Ole Mitt and Bunny found a way to avoid the rigors of four years in the White house by alienating 47% of the electorate, now it's back to the Gordon Gekko lifestyle they know and love. 
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ponyboy wrote:Ole Mitt and Bunny found a way to avoid the rigors of four years in the White house by alienating 47% of the electorate, now it's back to the Gordon Gekko lifestyle they know and love. What I love about this situation is that the only reason the GOP picked Romney is that he is their most electable candidate. He was during the primaries and he still is. Romney has a 50% unfavorable rating. Highest ever for a candidate since measurement began. He is losing in every single battleground state right now. The only reason that the electoral maps give Romney 191 votes is that nobody bothers to poll the deep red states or the deep blue states unless there is a Senate race as well. Looks like we could be on for the most crushing second term defeat since Reagan's win over Dukakis. (426 vs 111). It isn't just the WH the GOP stand to lose here, a weak candidate at the top of the ticket hurts the whole party slate.
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Recycled from 1988... A Typical Day in The Life of Robin Republican...a Red State 47 Per-center
Robin gets up at 6 a.m. and fills his coffee maker with water. The water is clean and safe because a bunch of tree-hugging liberals fought for minimum water-quality standards clear back in the 1960s and 1970s, when Robin was just a youngster. With his first swallow of water, he takes his daily medication. His medications are safe to ingest because some socialist-liberal fought to ensure the safety of pharmaceuticals and that they work as advertised and always strictly tested and inspected.
All but $10 of each of his very expensive medical prescriptions are paid for by his employer's medical plan because some socialist union workers had to consolidate, strike and fight their employers tooth and nail for paid medical insurance, 20 years before Robin was even born - now, Robin receives that benefit too -- along with paid vacation leave, paid sick leave and other minor job enticements, which most people still to this day...do not enjoy as incentives or benefits of working their asses off for their employers.
Robin confidently knows that he gets benefits like this because his work output is so much superior to that of other collectivist socialist-liberals.
He prepares his morning breakfast, bacon and eggs. Robin's bacon is safe to eat because some girly-man liberal fought for laws to regulate the meat packing industry, when Robin's parents were trying to put food on his table for him and his siblings.
In the morning shower, Robin reaches for his shampoo. His bottle is properly labeled with each ingredient and its amount in the total contents because some crybaby liberal fought for his right to know what he was putting on his body and how much it contained.
Robin dresses, walks outside and takes a deep breath. The air he breathes is clean because some environmentalist wacko liberal fought for the laws to curb industries from polluting our environment. Many of those Patriotic companies wised up and off-shored like smart businessmen would do, to avoid EPA regulations and ultra-high, rip off taxes. Robin knows this because he invests only in companies which no longer employee high priced American labor and dump their effluent, toxic pollution on Indian or Chinese soil and invest their obscene profits (Robin's dividends) in Cayman Island and Swiss tax sheltered havens.
Robin walks on the government-provided sidewalk to the subway station for his government-subsidized ride to work. It saves him considerable money in parking and transportation fees because some socialist liberal fought for affordable public transportation, which gives everyone the opportunity to be a contributor in this socialist society Robin is forced to endure and live within.
Robin begins his work day. He has a good job with excellent pay, medical benefits, retirement, paid holidays and vacation because some lazy liberal union members fought and died for these minimal working standards. Robin's employer pays these standards because Robin's corporate employer does not want their employees to possibly create their own union and drive their share prices into the dirt.
If Robin is hurt on the job or becomes unemployed, he'll get a worker compensation or unemployment check because some socialist liberal didn't think he should lose his home because of his temporary misfortune. If Robin kisses enough ass in the appropriate manner, he might even land one of those golden parachutes he has so often witnessed the respected, needed talent obtain, when they've driven similar corporations into bankruptcy or sold the company out from under the employees to lunge for the increased profits of share prices.
Robin has paid attention for the last twenty years and being the savvy part time investor he is, he knows that Bain Capital and Goldman Sachs didn't get to the top of the market by being compassionate or thinking long term. He will know when to bail, unlike the collectivist worms he is forced to associate with down in the lower working class.
It is noontime and Robin needs to make a bank deposit so he can pay some bills. Robin absent-mindedly forgets that his deposit and his checking and savings accounts are federally insured by the FSLIC because some left leaning liberal wanted to somehow protect the money of people just like Robin, from unscrupulous bankers who ruined the banking system before the Great Depression in 1929 and then tanked the US economy between 1981 and 2008, resulting in the worst two recessions since the 1930s.
Robin conveniently forgets the Black Monday, October surprise of 1987 or its resulting aftermath on the US economy, he was still in college and living with his parents then. His mother a teacher and father, a boilermaker - had secure unionized jobs and a decent middle class income.
Those damned liberal socialist DemonCraps of 2006-2008 caused the most recent Too Big Too Fail Wall Street Bailout and US Treasury Swindle which (Robin fails to consider) propped up quite a few of his investments, keeping them from disappearing totally and leaving him without a pot to piss in.
Robin has to pay his Fannie Mae-underwritten mortgage and his below-market federal student loan because some elitist liberal decided that Joe and the government would be better off if he was educated and earned more money over his lifetime. Robin also forgets that in addition to his federally subsidized student loans, he attended a state funded university, thanks to taxes contributed by Robin and his neighbors in his state.
Robin is home from work early on a Thursday afternoon. Tomorrow is one of the 7 paid Banker's Holidays which Robin's employer honors and pays their employees to participate in - 3 Day Weekend to PARTY!! Robin plans to visit his father this evening and perhaps spend the night at the old family farm homestead in the country.
Robin climbs into his General Motors made, 33 mpg Malibu for the 90 minute drive. His car is among the safest in the world because some America-hating socialist fought for car safety standards and CAFE mileage implementation to go along with the tax-payer funded road.
Robin arrives safely at his boyhood home. His was the third generation to live in this house financed by Farmers' Home Administration because bankers didn't want to make rural loans back when Robin's grandparents built this home with the sweat of their own brow and the money they cobbled together from hard scrabble living/farming. The house didn't have electricity until some big-government socialist stuck his nose where it didn't belong and demanded rural electrification after WWII.
Robin is happy to see his father, who is now retired after basically working his entire life away to give his children a better head-start than he and Robin's mother had.
His father lives on Social Security and a decent union pension because some collectivists made sure that Robin's father could be able to take care of himself in his old age, so Robin wouldn't have to.
Robin thinks it would be a great idea though, to get rid of Social Security as we've known it so he could invest more of his hard earned money in Wall Street and eventually become just like those he admires most, the Republican millionaire investors, corporate raider business icons and savvy hedge fund managers which he aspires to one day become, himself. Robin knows how to invest his money and doesn't want Gubmint to continue ripping him off just so they can give his money away to lazy leeches and illegal aliens who contribute NOTHING to the overall good of Robin's America!
Robin soon finds himself depressed, after he listens to his father discussing how Robin's mother has been rejected by Robin's father's recently modified health insurance policy for existing conditions after she lost her teaching job and her own insurance due to No Child Left Behind implementation in 2005.
If only his parents would have had the ability thirty years earlier to manage their own social security themselves, Robin thinks to himself. FUCKED by the Gubmint again!
Robin doesn't really want to have to deal with this bummer over the holiday weekend, so he hugs his father goodbye and kisses his mother on her forehead and quickly scrambles for his car for the ride home, and soon turns on his favorite radio talk show.
The radio host keeps saying that liberals are bad and conservatives are good. He doesn't mention that the beloved Republicans have fought against every protection and benefit Robin and his family and friends enjoy throughout each and every day that Robin draws air into his lungs in America.
Robin agrees: "We don't need those big-government, tax and spend, socialist-liberal collectivists ruining our lives and letting the illegals swarm our great country!
After all, I'm a self-made man who believes everyone should take care of themselves, just like me and 1Ball have."
 The best thing you can do for your fellow,
next to rousing his conscience, is - not to give him things
to think about, but to wake things up that are in him...
to make him think things for himself - George MacDonald
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WellMadeMale wrote:Recycled from 1988...
A Typical Day in The Life of Robin Republican...a Red State 47 Per-center
For some reason conservatives don't see the programs that they use themselves as socialist, not even Social Security, which has social right there in the name. It's only the government programs that the others use that are destroying America. Great post.
I am a whore. Find something else to fight about. - Nell Gwyn (to her coachman, who was fighting a man for calling her a whore)
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