Taxes imposed on nearly all self-employed persons, employers and their employees
are called _ back taxes
payroll taxes
payment taxes

Payroll taxes are essentially the government’s way of collecting funds to support important programs, like Social Security and Medicare. This means a portion of your paycheck goes towards these programs to ensure that everyone can benefit from them in the future. It’s like putting a little aside for a rainy day, except it’s for everyone’s rainy days!

Now, if you’re self-employed, you don’t get a paycheck in the traditional sense, but payroll taxes still come into play! You’re responsible for paying both the employee and employer parts, which is a bit like a double whammy. So, make sure to set aside a chunk of your earnings to cover these taxes. Your future self (and your retirement fund) will thank you!