Talking payroll taxes on Labor Day
WROC Rochester First
Labor Day was created more than one hundred years ago to celebrate the social and economic achievements of the American worker. Now, we all see some of our hard work get taken away from our paycheck in the form of payroll taxes. It's easy to lose sight where that money goes and how that may benefit us. CPA Anthony Mangiameli says there are actually two payroll taxes. 6.2% goes to the Social Security Administration. There's also a Medicare tax of 1.8% which goes to the Medicare fund. They're both withheld directly from the paycheck.
