Understanding the Payroll Tax
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Understanding the Payroll Tax
The payroll tax is a tax that is levied on the wages and salaries earned by employees and self-employed individuals. The payroll tax is a key component of the federal government’s revenue collection system and is used to fund various programs, including Social Security and Medicare. Understanding the payroll tax is important for both employees and employers, as it affects their financial obligations and responsibilities.The payroll tax is split into two components: the Social Security tax and the Medicare tax. The Social Security tax is a federal tax that is used to fund the Social Security program, which provides retirement, disability, and survivor benefits to eligible individuals. The Social Security tax rate is currently 6.2% of an individual’s gross wages, and employers are responsible for paying an equal amount, making the total contribution rate 12.4%. The Social Security tax is only levied on the first $142,800 of an individual’s wages in 2021.The Medicare tax is a federal tax that is used to fund the Medicare program, which provides health insurance coverage for individuals over the age of 65 and for individuals with certain disabilities. The Medicare tax rate is currently 1.45% of an individual’s gross wages, and employers are responsible for paying an equal amount, making the total contribution rate 2.9%. There is no wage cap for the Medicare tax, so all of an individual’s wages are subject to this tax.In addition to the Social Security and Medicare taxes, there are also state payroll taxes that employers and employees may be responsible for paying. These taxes vary by state and may include state unemployment taxes, state disability taxes, and state worker’s compensation taxes.
Employers are responsible for withholding the payroll taxes from employees’ wages and for remitting the taxes to the government on behalf of their employees. Employers are also responsible for matching the Social Security and Medicare taxes that they withhold from employees’ wages. Employers who fail to remit the payroll taxes on behalf of their employees can face significant penalties and interest charges.
Employees can also be responsible for paying the payroll taxes, depending on their employment status. Self-employed individuals are responsible for paying both the employee and employer portion of the Social Security and Medicare taxes, which is known as the self-employment tax. The self-employment tax rate is currently 15.3%, which includes both the Social Security and Medicare taxes.
The payroll tax can have a significant impact on an individual’s take-home pay, as it reduces the amount of money that an individual takes home each pay period. However, the payroll tax also provides individuals with important benefits, such as retirement benefits, disability benefits, and health insurance coverage. It is important for individuals to understand the payroll tax and their responsibilities, as it affects their financial well-being and their eligibility for government benefits.
In conclusion, the payroll tax is a tax that is levied on the wages and salaries earned by employees and self-employed individuals. The payroll tax is used to fund important programs, such as Social Security and Medicare, and is split into two components: the Social Security tax and the Medicare tax. Employers are responsible for withholding the payroll taxes from employees’ wages and for remitting the taxes to the government on behalf of their employees. Self-employed individuals are responsible for paying both the employee and employer portion of the Social Security and Medicare taxes. Understanding the payroll tax and one’s responsibilities is important for financial well-being and eligibility for government benefits.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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Understanding the Payroll Tax
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