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Politics : Formerly About Advanced Micro Devices
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To: Jim McMannis who wrote (125426)10/5/2000 8:15:30 PM
From: Amy J  Read Replies (3) of 1570329
 
OT Hi Jim, Re: Taxes Galore:

Here's the total tax bill per employee:

Payroll Tax - employee pays:
Soc Sec 6.2% (tax cap at 60,600)
Medicare 1.45%
Federal* (% is dependent upon employee's wage)
State* (% is dependent upon employee's wage)
DBL .7%
Payroll Tax - employer pays:
Soc Sec 6.2% (tax cap at 60,600)
Medicare 1.45%
FUTA .8%
SUI 3.4%
===================
Total: 20.2%, *but this excludes State & Fed.

* Let's add those in (using estimates that are dependent upon the employee's wage level). A high-tech employee with a 31% tax rate has the equivalent straight percent of 20% for Fed and 6% for State. 20+6=26%.

Grand Total Tax: 20.2% + 26% = 46.2% per employee, paid by employer and employee.

Enjoy,
Amy J
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