I just looked at Obama Tax calculator, why I'M I getting a tax credit on payroll taxes?

Doesn't that go toward SS and Medicare?

I just looked at Obama Tax calculator, why I'M I getting a tax credit on payroll taxes?
I'm with you,somehow I am going to get money I didn't pay into taxes?
Reply:You're going to have to give us more than that to understand what you're talking about.





Federal income taxes are separate from Social Security and Medicare taxes. Social Security tax is 6.2% of your taxable gross up to $102,000 income. Medicare is 1.45% of your taxable gross and there is no limit on that. Your federal tax rate is based on your taxable income bracket.
Reply:Do you really think there is a social security and medicare savings account somewhere with your name on it? Your payroll taxes get spent just like every other dollar that comes rolling in. But, if you want to donate, the treasury will take it. But the donation isn't tax deductible. Sorry.
Reply:Read this. It may help you understand the tax system:


http://www.newamerica.net/publications/a...