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Social Security is financed through a dedicated payroll tax.small correction. medicare and SS are not payroll taxes, they are payments into a fund that we can pull from later. At least that's what they were before the dems destroyed them under LBJ.
True, up to a point. You are leaving out the Medicare tax.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.
/——-/ These same people think their tax refund is a gift from the IRS. Try telling them it’s their own money they lent to the government interest free.True, up to a point. You are leaving out the Medicare tax.
The government knew you could be fooled into thinking employers paid half those taxes. The sad part is that you swallow hook, line, and sinker so willingly!
YOU are now paying 15.3% of your income up to $160,200 or over $24,000 a year.
FICA & SECA Tax Rates
They are not TAXES. The libs renamed them to make fools like you think they are taxes, and it worked. The SS and medicare funds were intended to be prepays that we could use later in retirement. They were never and are not now TAXES.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.
The payroll tax rates are set by law, and for OASI and DI, apply to earnings up to a certain amount.
Maybe you should advise SS as they call it a "payroll tax".
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Well you may be right about the past, but today the people that collect that money call them "payroll taxes" today. I think the MAJOR point you are missingThey are not TAXES. The libs renamed them to make fools like you think they are taxes, and it worked. The SS and medicare funds were intended to be prepays that we could use later in retirement. They were never and are not now TAXES.
Thanks for the links and I went to the above and read this:True, up to a point. You are leaving out the Medicare tax.
The government knew you could be fooled into thinking employers paid half those taxes. The sad part is that you swallow hook, line, and sinker so willingly!
YOU are now paying 15.3% of your income up to $160,200 or over $24,000 a year.
FICA & SECA Tax Rates
yes, they CALL them payroll TAXES, but that does not change what they are. They are benefits that we all pay for out of every paycheck and if we live long enough we will get most of it back. They are NOT taxes.Well you may be right about the past, but today the people that collect that money call them "payroll taxes" today. I think the MAJOR point you are missing
though is a majority of workers are UNAWARE their employer whether a small 2 employee or 20,000 employees the EMPLOYER PAYS an additional 6.2% out
of the Employers' pockets!
They are not taxes no matter what the DC cabal says. They are payments made by us prefunding our retirement benefits. iTS OUR MONEY, NOT THE GOVERNM,ENT'SThanks for the links and I went to the above and read this:
Social Security's Old-Age, Survivors, and Disability Insurance (OASDI) program and Medicare's Hospital Insurance (HI) program are financed primarily by employment taxes.
Now here is what the IRS said at Topic No. 751, Social Security and Medicare Withholding Rates | Internal Revenue Service.
The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total. Refer to Publication 15, (Circular E), Employer's Tax Guide for more information; or Publication 51, (Circular A), Agricultural Employer's Tax Guide for agricultural employers.Apr 7, 2023
So who should I believe YOU or the IRS?
They have done a good job on you!Thanks for the links and I went to the above and read this:
Social Security's Old-Age, Survivors, and Disability Insurance (OASDI) program and Medicare's Hospital Insurance (HI) program are financed primarily by employment taxes.
Now here is what the IRS said at Topic No. 751, Social Security and Medicare Withholding Rates | Internal Revenue Service.
The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total. Refer to Publication 15, (Circular E), Employer's Tax Guide for more information; or Publication 51, (Circular A), Agricultural Employer's Tax Guide for agricultural employers.Apr 7, 2023
So who should I believe YOU or the IRS?
Curious!They are not taxes no matter what the DC cabal says. They are payments made by us prefunding our retirement benefits. iTS OUR MONEY, NOT THE GOVERNM,ENT'S
One again you're blaming Trump for COVID.Highest unemployment since Great Depression, reduced GDP, dying Americans, closed businesses, historic deficits, reduced oil output in US, caved to OPEC output, supply chain in shambles, 3 times raised the debt ceiling without blinking…. Yea, lovely times.
