8537
VIP Member
Social security and medicare taxes are NOT income taxes.
Huh? They are a tax of 7.65% on every working person's income from labor, and they contribute to the general fund of the federal government.
If that's not an income tax, what is it?
The fact that one usually gets more back in benefits than they pay in makes SS taxes different than income tax.
Who gets back more in SS taxes than they pay in?
SS is based on income but they are not called income taxes.
It is a tax on income. A tax on income is...an income tax (on the first 106K or so...). I don't care what you "call it". It's an income tax.