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Back when I had some lead time I would've definitely gone along with making a part of it optional but private; that was the only option that was ever politically proposed. As time went on the necessary lead time evaporated, becoming too short for recovery from market blips and would've foresworn that option when that threshold was crossed.From what it sounds like Obama is trying to make universal healthcare optional. That said, if Social Security was optional would you still participate and why?
Personally I would not. I would rather have my money in a 401k.
what i don't get, is why oh why, if the banks need money, they don't raise the interest yields on CD'S and savings accounts so that it is an incentive to save?
Isn't THAT what is suppose to happen when money is short?
care
Because Fed easy money policy is artificially keeping interest rates below the level that organic market forces would cause them to rise.what i don't get, is why oh why, if the banks need money, they don't raise the interest yields on CD'S and savings accounts so that it is an incentive to save?
Isn't THAT what is suppose to happen when money is short?
care
Hello!!!!! People... use your head...
YOU WILL GET LESS OUT OF SOCIAL SECURITY THEN WHAT YOU PUT INTO IT. Do you not understand this????? If you put $50000 into Social Security during your lifetime you will get less than $50000back when you retire plus being that the average life expectancy is 77.
FASTSTATS - Life Expectancy
You are only going to collect Social Security for 10-15 years!!!!
With a 401k your are averaging about a 10% return each year over the last 30 years... Plus you can give this money to your kids when you die.... or give it to the ACLU, or ACORN,etc...
Hello!!!!! People... use your head...
YOU WILL GET LESS OUT OF SOCIAL SECURITY THEN WHAT YOU PUT INTO IT. Do you not understand this????? If you put $50000 into Social Security during your lifetime you will get less than $50000back when you retire plus being that the average life expectancy is 77.
FASTSTATS - Life Expectancy
You are only going to collect Social Security for 10-15 years!!!!
With a 401k your are averaging about a 10% return each year over the last 30 years... Plus you can give this money to your kids when you die.... or give it to the ACLU, or ACORN,etc...
My employer matches 100% of my FICA plus I get 13% of my gross set into an SEP IRA, so for me it works fine...Still I am not happy about seeing those projected SS income/disability numbers decrease. We need to do SOMEthing NOW before it's too late for many people. I don't claim to know all the answers, I just see what's happening and I know it is EXTREMELY serious.
Hello!!!!! People... use your head...
YOU WILL GET LESS OUT OF SOCIAL SECURITY THEN WHAT YOU PUT INTO IT. Do you not understand this????? If you put $50000 into Social Security during your lifetime you will get less than $50000back when you retire plus being that the average life expectancy is 77.
FASTSTATS - Life Expectancy
You are only going to collect Social Security for 10-15 years!!!!
With a 401k your are averaging about a 10% return each year over the last 30 years... Plus you can give this money to your kids when you die.... or give it to the ACLU, or ACORN,etc...
My employer matches 100% of my FICA plus I get 13% of my gross set into an SEP IRA, so for me it works fine...Still I am not happy about seeing those projected SS income/disability numbers decrease. We need to do SOMEthing NOW before it's too late for many people. I don't claim to know all the answers, I just see what's happening and I know it is EXTREMELY serious.
ALL employers pay half of SS taxes. It's the law
Urban myth.ALL employers pay half of SS taxes. It's the law
Urban myth.ALL employers pay half of SS taxes. It's the law
Do you think that employers would be sending the money they "contribute" to your FICA taxes, if they didn't have that money to pay you in the first place??
The employee pays it all.
The Federal Insurance Contributions Act (FICA) tax (pronounced /ˈfаɪkə/) is a United States payroll (or employment) tax[1] imposed by the federal government on both employees and employers to fund Social Security and Medicare [2] federal programs that provide benefits for retirees, the disabled, and children of deceased workers. Social Security benefits include old-age, survivors, and disability insurance (OASDI); Medicare provides hospital insurance benefits. The amount that one pays in payroll taxes throughout one's working career is indirectly tied to the social security benefits annuity that one receives as a retiree.[citation needed] This has led some to claim that the payroll tax is not a tax because its collection is tied to a benefit.[3] The United States Supreme Court decided in Flemming v. Nestor (1960) that no one has an accrued property right to benefits from Social Security.
The Federal Insurance Contributions Act is currently codified at Title 26, Subtitle C, Chapter 21 of the United States Code.[4]
Urban myth.ALL employers pay half of SS taxes. It's the law
Do you think that employers would be sending the money they "contribute" to your FICA taxes, if they didn't have that money to pay you in the first place??
The employee pays it all.
Doesn't matter what Wiki sez....This is basic accounting.Urban myth.ALL employers pay half of SS taxes. It's the law
Do you think that employers would be sending the money they "contribute" to your FICA taxes, if they didn't have that money to pay you in the first place??
The employee pays it all.
The Federal Insurance Contributions Act (FICA) tax (pronounced /ˈfаɪkə/) is a United States payroll (or employment) tax[1] imposed by the federal government on both employees and employers to fund Social Security and Medicare [2] federal programs that provide benefits for retirees, the disabled, and children of deceased workers. Social Security benefits include old-age, survivors, and disability insurance (OASDI); Medicare provides hospital insurance benefits. The amount that one pays in payroll taxes throughout one's working career is indirectly tied to the social security benefits annuity that one receives as a retiree.[citation needed] This has led some to claim that the payroll tax is not a tax because its collection is tied to a benefit.[3] The United States Supreme Court decided in Flemming v. Nestor (1960) that no one has an accrued property right to benefits from Social Security.
The Federal Insurance Contributions Act is currently codified at Title 26, Subtitle C, Chapter 21 of the United States Code.[4]
Federal Insurance Contributions Act tax - Wikipedia, the free encyclopedia
what i don't get, is why oh why, if the banks need money, they don't raise the interest yields on CD'S and savings accounts so that it is an incentive to save?
Isn't THAT what is suppose to happen when money is short?
care
Let's say you make $100000 per year.. The current SS tax is 6.2%
What is the Social Security tax rate for 2008? | AccountingCoach.com Q&A
Let's say you work from age 25 - 65 ( 40 years)
$100000 per year for 40 years = $4,000,000 X 6.2% = $248,000
I know you probably get raises but the percentage stays the same but will probably increase being that the program is failing...
So $248,000 has been paid for Social security over 40 years.
Your expected Social Security check when you retire can be somewhat calculated here.
Estimate Your Retirement Benefits
Your return would be $9000 per month after cost of living increases... It would take 27 months to break even... So once you are 68 years old you will start making money on what you put in... Congratulations.
Now 401k... Put 6% per year into a 401k.
What is your monthly salary? $8333
What percent of your salary are you contributing to your 401(k) plan? 6%
What rate of return do you expect on your investment? 8% (conservative estiment)
How many years until you retire? 40
The amount in your 401(k) plan at retirement: $ 1,745,434.10
You take your $9000 a month when you retire and I'll take my 1.7 million....
Doesn't matter what Wiki sez....This is basic accounting.Urban myth.
Do you think that employers would be sending the money they "contribute" to your FICA taxes, if they didn't have that money to pay you in the first place??
The employee pays it all.
The Federal Insurance Contributions Act (FICA) tax (pronounced /ˈfаɪkə/) is a United States payroll (or employment) tax[1] imposed by the federal government on both employees and employers to fund Social Security and Medicare [2] federal programs that provide benefits for retirees, the disabled, and children of deceased workers. Social Security benefits include old-age, survivors, and disability insurance (OASDI); Medicare provides hospital insurance benefits. The amount that one pays in payroll taxes throughout one's working career is indirectly tied to the social security benefits annuity that one receives as a retiree.[citation needed] This has led some to claim that the payroll tax is not a tax because its collection is tied to a benefit.[3] The United States Supreme Court decided in Flemming v. Nestor (1960) that no one has an accrued property right to benefits from Social Security.
The Federal Insurance Contributions Act is currently codified at Title 26, Subtitle C, Chapter 21 of the United States Code.[4]
Federal Insurance Contributions Act tax - Wikipedia, the free encyclopedia
The money that employers supposedly pay to FICA comes out of the total pool of money that is available for employees.
My employer matches 100% of my FICA plus I get 13% of my gross set into an SEP IRA, so for me it works fine...Still I am not happy about seeing those projected SS income/disability numbers decrease. We need to do SOMEthing NOW before it's too late for many people. I don't claim to know all the answers, I just see what's happening and I know it is EXTREMELY serious.
ALL employers pay half of SS taxes. It's the law
Mine pays double the required amount.
Urban myth.ALL employers pay half of SS taxes. It's the law
Do you think that employers would be sending the money they "contribute" to your FICA taxes, if they didn't have that money to pay you in the first place??
The employee pays it all.
ALL employers pay half of SS taxes. It's the law
Mine pays double the required amount.
Excuse me, but no employer voluntarily pays more money to the government than they have to.
7.5% your pay is taken from your check and 7.5% is contributed, by law, by your employer. For a total of 15% of your total income that goes to SS and medicare.
Urban myth.ALL employers pay half of SS taxes. It's the law
Do you think that employers would be sending the money they "contribute" to your FICA taxes, if they didn't have that money to pay you in the first place??
The employee pays it all.
tell that to my accountant. I send a check to the feds for the employer share of payroll taxes twice a month.
You can call it a 100% employee funded tax but that assumes the employer would pay that additional 7.5% to the employee if SS was abolished. That might or moght not be true.