-7.65% of your income into Social Security
good luck getting that back
This is incorrect. The actual sociality security rate is DOUBLE that. Half is paid by the employer & half by employee to make it look smaller. That half you don’t see does count b/c it lowers salaries offered.
Also you included medicare taxes in the figure. social security alone is less.
Also it’s a % of your income up to something like 110k, income above the limit has 0 payroll taxes.
In 2011 the employee pays 4.2 percent Social Security, and the employer pays 6.2 percent. The Medicare rate of 1.45 percent, each payed by the employee and the employer, hasn’t changed:
-7.65% of your income into Social Security good luck getting that back
This is incorrect. The actual sociality security rate is DOUBLE that. Half is paid by the employer & half by employee to make it look smaller. That half you don’t see does count b/c it lowers salaries offered.
Also you included medicare taxes in the figure. social security alone is less.
Also it’s a % of your income up to something like 110k, income above the limit has 0 payroll taxes.
In 2011 the employee pays 4.2 percent Social Security, and the employer pays 6.2 percent. The Medicare rate of 1.45 percent, each payed by the employee and the employer, hasn’t changed:
http://www.irs.gov/pub/irs-pdf/n1036.pdf