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Quote:
Originally Posted by Princess Doreen
For 2011, FICA is 15.3% up to $106,800 in wages - employee pays half; employer pays half.
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No, you are way off for 2011, because you didn't finish the quote, above, which continues:
HOWEVER:
Under current law, employees pay a 6.2% Social Security tax on all wages earned up to $106,800 (in 2011) and self-employed individuals pay 12.4% Social Security self-employment taxes on all their self-employment income up to the same threshold.
For 2011, the Senate passed 2010 Tax Reform Act gives a two-percentage-point payroll/self-employment tax holiday for employees and self-employeds. As a result,
employees will pay only 4.2% Social Security tax on wages and self-employment individuals will pay only 10.4% Social Security self-employment taxes on self-employment income up to the threshold.
Quote:
Social security payments wouldn't be as high as they are IF the government hadn't frittered away endless amounts of taxpayer SS payments with no intention of paying it back, and IF there wasn't that "Earnings Suspense File" where billions of $$'s are supposedly languishing.
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Why do you think that? Payments are not at the level they are in order to replace lost funds. There have not been SS monies "gone forever", spent illegally by the government. I assume you are referring to surplus SS monies taken from SS Trust Fund and invested (in SS name) in US Treasury securities?
All which still doesn't address the truth that there is no immediate Social Security crisis whatsoever.