Tax

Payroll Tax

Taxes withheld from employee paychecks and matched by employers, funding Social Security and Medicare. Self-employed individuals pay both portions (15.3% total).

Related Terms

FICA Tax
Social Security
Medicare

Related Calculators

Take-Home Pay Calculator

Understanding Payroll Tax

Payroll Tax is a key concept in tax. Understanding this term helps you make more informed financial decisions. Use our related calculators above to see how payroll tax affects your specific situation.