Quote:
Originally Posted by L-Pink
The biggest payroll tax is FICA which is for social security. Was about 7.5% and the employer has to match which make it a gross tax of 15%. Again this is for "social security".
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whether that's a "tax" or more like mandatory insurance/investment you have to buy isn't that clear... I would call it more like mandatory insurance/investment, since you pay now but in theory you get it all back in 40 years when you retire...
(you actually won't get back even close to what you pay in, but that's a whole different topic)