Payroll tax is about ending Social Security, Medicare
Letter to the Editor
Last updated 10/1/2020 at 12:08pm
Donald Trump and his staff have created a method to destroy Social Security and Medicare. The President signed an order that allows employers to choose the option of not collecting and submitting payroll taxes to the federal government for the rest of the year. These taxes are not part of the federal income taxes paid monthly but they are funds dedicated to pay for Social Security and Medicare.
The payroll tax is 7.65%. If a person makes $15 per hour working a normal year of approximately 2,000 hours their income is $30,000 with a payroll tax of $2,295 which their employer has to match.