ENTREPRENEURSHIP

Detailed explanation-1: -For example, Income tax, wealth tax corporation tax, etc.

Detailed explanation-2: -Medicare Tax: Withhold 1.45% of each employee’s taxable wages up until they have reached total earnings of $200, 000 for the year. Employers are also required to match this tax. However, for earnings above $200, 000, employees need to pay what’s called an Additional Medicare Tax of 0.9%, along with the 1.45%.

Detailed explanation-3: -They include: unemployment insurance benefits and supplements, accident, injury and sickness benefits, old-age, disability and survivors’ pensions, family allowances, reimbursements for medical and hospital expenses or provision of hospital or medical services.

Detailed explanation-4: -Social Security is financed through a dedicated payroll tax. Employers and employees each pay 6.2 percent of wages up to the taxable maximum of $160, 200 (in 2023), while the self-employed pay 12.4 percent.