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→The payroll tax: table
===The payroll tax===
===The payroll tax===
There are four component parts that constitute payments to a workers public sector retirement fund, of which the payroll tax paid by workers furnishes only half. Employers are required to pay the other half based on a percentage of the workers gross wages (W-2 income). The employers share of mandated payments on behalf of the worker is not seen in the worke's gross wages, yet the cost is very real. Other factors also weigh on employers ability to give raises, extend overtime, or create new jobs.
{| style="background:white" border="1" class="wikitable" align="right"
|-
! Source of payment
! Amount of contributions
|-
| Social Security contributions by employer
| style="text-align:right"| 6.2%
|-
| Medicare contributions by employer
| style="text-align:right"| 1.45%
|-
| Social Security contribution by worker
| style="text-align:right"| 6.2%
|-
| Medicare contribution by worker
| style="text-align:right"| 1.45%
|-
| '''Total contributions based on workers Gross earnings'''
| style="text-align:right"| '''15.3%'''
|-
! style="text-align:left"| Plus other mandated payments by employer
| style="text-align:right"| varies
|-
| Unemployment insurance paid by employer
| style="text-align:right"| varies by State
|-
| Workers Compensation insurance paid by employer
| style="text-align:right"| varies by occupation and State
|-
! style="text-align:left"| Plus other benefits
| style="text-align:right"| varies
|-
| Medical benefits
| style="text-align:right"| varies
|-
| Private retirement plans
| style="text-align:right"| varies
|-
|}
There are four component parts that constitute payments to a workers public sector retirement fund, of which the payroll tax paid by workers furnishes only half. Employers are required to pay the other half based on a percentage of the workers gross wages (W-2 income). The employers share of mandated payments on behalf of the worker is not seen in the worker's gross wages, yet the cost is very real. Other factors also weigh on employers ability to give raises, extend overtime, or create new jobs.
===Medicare===
===Medicare===