What's "total tax"?

What's "total tax"?

John Stoller, CPA (Certified Public Accountant) gives expert video advice on: What are "income taxes"?; What is the "IRS"?; What are "tax-favored investments"? and more...

The total tax is a combination of the various taxes that you pay, most of which you are not aware of. The obvious is the income tax, that's the tax on your taxable income on your return. The less obvious tax is your social security tax, which is combined employer and employee social security and medicare 15.3%. That goes to the same place that your regular tax does. It doesn't go into any special fund. It's combined with the regular taxes.