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Employee payroll taxes are taxes that an employee pays straight out of their income or that an employer must pay. These taxes go towards Social Security, Medicare, and federal income tax. As an employee, some of these taxes will come from your salary while some of them will be paid by your employer.
Required Employee Payroll Taxes
Some employee payroll taxes are mandatory. Social Security, Medicare, and federal income tax are paid by all employees with the help of their employers. Employers put money towards all of these taxes as well but the money that you put forth comes straight from your paycheck.
Voluntary Employee Payroll Taxes
Some employee payroll taxes are voluntary. These can include health insurance premiums, life insurance premiums, money that goes towards a retirement investment or other expenses related to your job. These taxes are also taken directly from your paycheck, but they benefit you directly and, unlike the required employee payroll taxes, you solely pay for them.
Required Employee Payroll Taxes
Some employee payroll taxes are mandatory. Social Security, Medicare, and federal income tax are paid by all employees with the help of their employers. Employers put money towards all of these taxes as well but the money that you put forth comes straight from your paycheck.
Voluntary Employee Payroll Taxes
Some employee payroll taxes are voluntary. These can include health insurance premiums, life insurance premiums, money that goes towards a retirement investment or other expenses related to your job. These taxes are also taken directly from your paycheck, but they benefit you directly and, unlike the required employee payroll taxes, you solely pay for them.
