Quote:
Originally Posted by 427sharpe
Currently, the SS tax is 6.2% on the first $106,800 of income and 1.45% on all income thrown on for good measure.
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Actually the SS tax is 12.4 %, or 15% with medicare added in. You need to factor in the additional tax payed by your employer, on your behalf, for work that you do for them, money that you really earn that should be included in your total wages. If you ran a business, and employed people and/or payed the self employment tax, you'd understand.
Most people have no clue, and blindly believe what they are told.