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The other type of Swedish payroll tax is the income tax withheld , which consists of municipal, county, and, for higher income brackets, state tax. In most municipalities, the income tax comes to approximately 32 percent, with the two higher income brackets also paying a state tax of 20 or 25 percent respectively.
Payroll taxes were among the most regressive in 2010. In the United States, payroll taxes are assessed by the federal government, many states, the District of Columbia, and numerous cities. These taxes are imposed on employers and employees and on various compensation bases. They are collected and paid to the taxing jurisdiction by the employers.
One important elucidation was that the definition of banking group in the bank payroll tax Schedule “will be amended so that no group can be treated as a banking group simply because it includes a group member with banking activity,” more broadly if that activity "is a minor activity within the group as a whole".
Direct tax is a tax paid by a person, as opposed to a tax levied on a business that the person indirectly pays. Double taxation is when a tax is paid twice on the same income or item. Indirect tax is a tax collected by an intermediary (such as a store) on behalf of the person who actually is required to pay (such as a customer)
Withheld taxes must be paid to the appropriate government promptly. Rules vary by jurisdiction and by balance of total payments due. Federal employment tax payments are due either monthly or semi-weekly. [24] Federal tax payments must be made either by deposit to a national bank or by electronic funds transfer.
Based on CBO Estimates, [1] under 2013 tax law the top 1% will be paying the highest average tax rates since 1979, while other income groups will remain at historic lows. [2] As of 2010, 68.8% of Federal individual tax receipts including payroll taxes, were paid by the top 20% of taxpayers by income group.
In the United States, payroll taxes are used to support Social Security and Medicare costs while income taxes are used for other federal and state programs. [12] In Canada, payroll taxes are used to support the government's Pension Plan (CPP or QPP) and Employment Insurance program (EI) while income taxes are used to fund public healthcare and ...
As of 2010, 68.8% of federal individual tax receipts, including payroll taxes, were paid by the top 20% of taxpayers by income group, which earned 50% of all household income. The top 1%, which took home 19.3%, paid 24.2% whereas the bottom 20% paid 0.4% due to deductions and the earned income tax credit.