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What You Should Know About The Payroll Tax

Posted by Joe Wallace on Oct 28th, 2020 · 2 Comments

What is the payroll tax? There are those who have no opinions on these taxes at all, while some employers argue the taxes are a burden to small businesses. Some describe payroll taxes as “an ambiguous penalty for hiring someone” while others describe specific details of the payroll tax such as the funding of Social Security and Medicare as being important parts of the American economic infrastructure. Social...
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Here are some simple guidelines that will help you build wealth:

1) Do the math. Get a budget and calculate your net worth

2) Get an emergency fund. Save at least 6 months worth of expenses

3) Limit costs. Spend no more than 30% of your income on housing

4) Max your retirement. Maximize contributions to your tax-deferred retirement accounts

5) Pay yourself first. Set aside money for yourself before you take care of your other bills

6) Set goals. Goal let you get ahead faster

7) Avoid high interest debt. Avoid credit cards, title loans and other usurious loans

8) Diversify. Diversity your assets.

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Critical Financials’ Basic Personal Finance Rules

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