Payroll Tax or Income Tax?

😂 please keep going at these content creators

He is paying the other 7.5% of payroll taxes and he does get to expensive that . He should have covered that. He also is paying 15% se tax. There an argument to be made he will get some of it back there ss income eventually. But if ss income is still around but who knows.

But he doesn't want to pay anything besides the gross, why can't there be more profit and fewer responsibilities 😂

Tell em sis😂😂

How do people this...ill-informed is probably the right term...manage to run a successful business such that they're remitting $600k in payroll withholding?

Oh boy🤦‍♂️

This how factually incorrect (distortions and lies) beliefs are started. Unfortunately “rumors” and misrepresentations such as this are immensely popular. You know, like taxes in the U.S. are higher than any other country on Earth 🌎 (they’re not)

These influencers give a bad rep for genuine employers. Keep debunking!

So in a way he is right, atleast in the short term. Suppose an employee earns 100K before taxes but only 80K after taxes. If the tax rate were to suddenly fall to zero the employer could pay the employee 80K and pocket the 20K difference. The employee is neither worse off nor better off. So in the short run employers 100% eat the cost of taxes on their employees in the form of higher before tax wages. However, in a competitive labor market other employers will start to bid up wages and eventually employees will capture those wages back from employers as the labour market tightens. So in the long run employees 100% pay all the taxes in the form of wages lower than they otherwise would be if their were no taxes, atleast in the long term. But that's really more of an economic analysis and not a tax law or accounting analysis.

Damn, he's just flat out lying, hoping no one finds out.

Fuck the irs.

The $610,727 that Jasmine speaks about is the Federal income tax withholding from employees and remitted by the employer. He, running a business with tens of employees or maybe 100+, surely knows and understands this, so he is creating a false alarming video for attention. The other two amounts are the total social security and Medicare amounts remitted: half withheld from employees and half matched by the employer.

Actually your wrong on this one. As an employer we have to match the amount the employee pays as well. So yes, if the employee pays out 100.00 in taxes, we too have to match and pay that as well.

This has to be a joke to get views… there is no way this guy is that stupid. If so.. DO NOT WORK FOR HIM LOL

But the other two lines ARE paid by the employer or split between employer and employee, right?

What a goober that guy is

I hate when buisness owners complaine about payroll tax like they didnt steal it from me to pay it

The business pays a match of the employer's social security deduction or 6.X% And most states charge a tax for unemployment insurance. My state is charging 1.X-=2.X% which is based on how many claims are filed.

I'm glad i found your channel and never found these idiots you call out.

If employers withholding tax is the employees money, then they would tell me i am getting paid 20$ per hour instead of telling me i make 15$ per hour.

He isn’t wrong about social security being scammy. It is basically a giant ponzi scheme that is legal. I guess he didn’t actually say that but I wanted to take the opportunity to say it.

On top of what everyone else said, it looks like he's trying to use a W-2 to illustrate the total withholdings for all(?) his employees. It's impossible for a single employee to owe $300k in social security taxes (the maximum taxable income for SS is $176k so the most you can pay in SS taxes is around $10k).

I'm not a tax person, but a quick Google search suggests he should be showing Form 941 instead for the employer's side.

I have a question about stocks. I know that stocks have long term capital gain tax if you wait a year but what if you buy a stock in january and then every month you buy more of that same stock. When January rolls around again and you want to see your initial investment how do you show you only sold your January stock that you held for 1 year so you only get long term capital gains tax?

Trump math.

You’re both wrong. Employers DO pay payroll taxes on employees out of their own pocket and NOT just withholding employees and sending it in.
Yeah this guy is pointing at the wrong things for sure though. BUTTTT
If I pay an employee $30 a hour, I’m actually paying MORE than that..
I’m paying 6.2% ABOVE the $30hr to social security and that’s $1.80. Then I’m paying 1.45% to Medicare .43c. So I’m paying $2.23 out of pocket. And so is the employee. Exactly the same amount. SO it’s really $4.46 per hour the gov is getting drilling BOTH of us.
Oh I have 17 FT employees. At 40 hours each week. I’m paying over $1500 per week 78K a year. Plus everyone gets 4 weeks PTO. Plus matching 401K. Plus 75% paid medical dental vision.
The true cost per hour per employee for my company is $57 per hour.
Guess what I’m doing tomorrow.
Raising prices.

It is not true, this amout is paid by the employer. Payroll tax means taxes - social, medical and income tax for the employee. While it does not include income tax paid bythe company based on Gross Profit figure

dude includes his employee's income tax as his own.

That lozer might be a follower of elons doge team..

You're telling me a business owner lied about their expenses? It can't be.....

Why can't the government pay its damn self. Doesn't congress have the power of the purse?

the employer does have to 6% social security tax but the employee also has to pay the 6% as well totaling 12% unless you are owner of the business then you have to pay the 12% regardless

Love watching someone knowledgeable reveal moronic posts. I do appreciate that he is an entreprenour and business owner, but stick to what you know, bro!

I thought he was referring to the sixth point whatever Social Security matter that your employer gives to that Ponti scheme.

BUSTED!!!

Social security is capped. Fake w2

Yeah we need less idiots like this guy who have no clue what the hell they are talking about pissing off other idiots who then take wrong information and make voting choices with that bad info.