What is the purpose of payroll taxes?

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asked Aug 17, 2020 71.0k views

2 Answers

Shamith C · Answer 1 · 2020-08-18T17:41:20+0000

The purpose of payroll taxes is to get the funding needed to operate social security and Medicare. The money from payroll taxes is also used for unemployment benefits and disability benefits.

Kyle Sponable · Answer 2 · 2020-08-21T07:01:07+0000

Answer:

These taxes are used to finance social insurance programs, such as Social Security and Medicare. ... The largest of these social insurance taxes are the two federal payroll taxes, which show up as FICA and MEDFICA on your pay stub.

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What is the purpose of payroll taxes?

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