The big hoo-hah over taxes we had to suffer through last month had to do with income tax rates and some specialty items that largely attached to corporations. As you may know if you've ever made the mistake of saying "about half of those who work pay no taxes at all" in front of a Liberal, everyone who shops pays sales taxes, everyone who drives pays gasoline taxes, and everyone who works pays payroll taxes. Payroll taxes, as the term is typically used, are those you pay into the Social Security system (officially known as Old-Age, Survivors, and Disability Insurance and Medicare (officially known as Medicare's Hospital Insurance program - Part A). Taken together, these are known as "FICA" taxes for the Federal Insurance Contributions Act that authorized them. Under current law you (and your employer if you are not self-employed) each pay 6.2 percent of your gross pay into the Social Security program up to $113,700 of income. After that you're off the hook. You and your employer also each kick in an additional 1.45% to fund the Medicare Part A (the hospitalization part) up to forever. There is no income cut off. To Read More......
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