POLITICAL THREAD
- Thread starter kybobcat
- Start date
Not an expert but i don't think it comes out pretax. I think its a separate tax applied to your gross income.
Trouble with tariffs at the moment is that no one, even Trump, knows what they are going to be tomorrow, much less in a year. Creates uncertainty & thus risk for business & consumers & other countries. He needs to settle down as to what they will be over time.
That's not what I was saying exactly. I'm 62 and have operated on the assumption that my taxable income on my W2 had been adjusted down, to account for my SS contributions.
Congress needs to get to work vs. sitting on their a$$es listening to speeches.
What I remember, FICA is not really a tax per say, it's what you pay in to collect later. There was a cap on earnings where FICA came out. Once you made so much, FICA stopped coming out. Many years I made that cap money and didn't pay FICA several month's up to the new year. I never had a 401k or did they take money out for pension. They did have a savings and investment plan that you could invest in, and you could draw on that AS WELL as the pension you draw. Now the company I worked for pays a lower wage AND employees had to put money in if they wanted a pension, they also stopped the savings and investment plans. Total raw deal for new hires now.
Note the last sentence in the last paragraph in this excerpt from the referenced publication.
What is self-employment tax?
Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners.
Employers calculate Social Security and Medicare taxes for most wage earners. However, you calculate self-employment tax (SE tax) using Schedule SE, Self-Employment Tax, (Form 1040 PDF or 1040-SR). Also, you can deduct the employer-equivalent portion of your SE tax when calculating your adjusted gross income. Wage earners cannot deduct Social Security and Medicare taxes.
Self-employment tax (Social Security and Medicare taxes) | Internal Revenue Service
Self-employment tax rates, deductions, who pays and how to pay.www.irs.gov
Bill how dare you dump that Chinese looking stuff on here for some to understand. I got vertigo trying to read it!
You have no credibility. No president is perfect, and it literally does not matter what be does..you'll bitch, moan, and pout. Topped with you absolutely refused to criticize, by all measures, the worst president in history in biden.
If Trump got up there, and he should have, and just trolled by touting insane dems points...just to show they'll still sit there and act like children. They have no credibility either as they refuse to work towards any solution...absolutely refuse. They only want power, and your money. Yet you fall for every talking point, faint at any comment, and cry over nothing.
Never forget, if you hate trump...its bc democrats are THAT bad
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No they do not. SS is withheld by law. 401k and IRAs are voluntary.
SS isn't a "contribution." It's a TAX. You don't get to count taxes as pretax.
It's CONFISCATED.
401ks and IRAs are "contributions."
What I 100 % know about all this tax stuff, we get ****ed coming and going
I like AD but he is as brittle as they come. I played him on fantasy teams and I have bet on him. If AD gets dinged in the slightest way during a game, then his night is over, he won't come back out.
So, the amount YOU pay into SS does, in fact, reduce your taxable income in kind.
If you're not self-employed then you pay 6.2 percent, and your employer pays the OTHER 6.2 percent. IOW, SS reduces your taxable income by 6.2 percent. If you're self-employed, you have to pay the full 12.4 but you CAN deduct it.
If you're not self-employed then you pay 6.2 percent, and your employer pays the OTHER 6.2 percent. IOW, SS reduces your taxable income by 6.2 percent. If you're self-employed, you have to pay the full 12.4 but you CAN deduct it.
Maxine Waters doesn't even know what MONTH she was born in.
Without a doubt, the most dimwitted politician in DC.
If she's making money through insider trading then it's definitely being handled by someone else.
She is essentially a cartoon character.
Without a doubt, the most dimwitted politician in DC.
If she's making money through insider trading then it's definitely being handled by someone else.
She is essentially a cartoon character.
I agree and remember that. Not sure how it is now, but every year they would say for instance, once you made that 102,000 FICA stopped coming out. Each year that income figure would raise, for instance the next year you might have to make 150,000 to pay that FICA in.
This no tax on SS benefits the retired the way I see it because if you draw SS it counts as income. Now I may have this wrong but no tax on SS means I draw my SS but I do not have to claim it as income.
55 - You just COULDN'T let it f***ing BE, could you. š¤£
I told ya my ****in head is spinning
I make a motion, anytime anyone comes on here spouting numbers about taxes etc. it's an automatic month ban!
The Maxine Waters "stupidity on parade" greatest hits playlist. š¤£ š¤£
Jasmine Crockett says āClown, hold my beerā¦.ā
I'd rather crunch numbers then watch that evil bitch, and that's saying something...LOL
Jasmine needs a good dose of MTG
My understanding from this ruling is itās intended to pay for contracts with already completed work - doesnāt concern future work.
Your daily reminder that Social Security meets the accepted definition of a Ponzi Scheme.
I got KILLED for months now saying businesses arenāt just going to lower prices because they love Trump so much. Thatās not how it works. Companies made record profits by price gouging during covid, theyāre not just going to reverse course and give away profit for fun. Like Iāve said for months, prices are what they are now, just accept it and move on. Groceries cost more, McDonalds does too. Everything does and no one (not even dear leader) can change that.
I wouldn't trust Bolton not to defect. In fact, I would send him alone and unarmed, draped in a pride flag.
It all went to hell when women got the vote and started running for office.
Way to go forefathers/dick heads...
Way to go forefathers/dick heads...
You know it's bad when pages roll by and Show ignored content doesn't appear.
My guess is that we'll prolly have to talk about Honda manufacturing some more. Maybe ten year old rapes in Honda plants.
My guess is that we'll prolly have to talk about Honda manufacturing some more. Maybe ten year old rapes in Honda plants.
SS, car insurance, health insurance, the stock market....
Just looked at my W2. Not gonna show it here like ole JohnKBA. But looks like SS withholdings were taken on the full amount, while Federal was taken of the amount after pre-tax deductions.
Have you met our government? Makes perfect sense that it takes a chunk of your income to fund your retirement (ha, ha), managing a ROR of about 2% and, then, when you begin receiving benefits they tax it (85% of it, anyway). Oh yeah, the 'fund' that is building for YOUR retirement is a myth. Basically, every FICA tax dollar received goes right back out the door for current benefit recipients, not into your own retirement fund. Ponzi scheme by any other name...
The only thing SS tax lowers is your after tax pay, unfortunately.
based on what my W2 shows. you would pay SSN on the 60K and federal on the 60K minus pre-tax deductions of which SS is not one.
