Not Many of Us Earned $106,800 Last Year
Not Many of Us Earned $106,800 Last Yearhttp://www.nyc.gov/html/opa/html/taxes/socialsecurity.shtml
I feel cheated. The social security portion of FICA is 6.2% of your covered wages, up to a maximum wage base of $106,800 in 2010 which is the same as the maximum wage base for 2009. Since 1964 I have earned a paycheck, the vast majority of the years Social Security Tax was withheld from each and every paycheck from January through December. There probably was two or three years when I was paid up in Social Security Tax sometime in November or late December. I remember it was a good feeling to have a few hundred dollars extra in my paycheck those years, especially around Christmas time. Most years though I contributed each year every paycheck to the last one because I almost never earned the declared maximum wage base amount.
I propose to remove the maximum wage base amount and put no cap on the earnings to withdraw Social Security taxes. There are a lot of people making more money than the $106,800 and why should they get relief in the Social Security tax while most of us pay every paycheck.
The million dollar salary and bonus people on Wall Street completed paying their Social Security withdrawal amounts with their first paycheck this January. I doubt America's millionaires and billionaires will miss the money if they paid the 6.2% extra beyond the current $106,800 on earnings. Many would complain loudly. Business executives, doctors, lawyers, and pharmacists can afford to pay Social Security tax like most of us from January through the end of December.
The millionaire professional sports players as well as the wealthy music artists should pay.
As citizens we pay tens of thousand government workers and elected officials more than the $106,800 current limit and many do not deserve so high a salary anyway. Many of those have retired and continue to receive more than the $106,800 limit.
Removing the cap on earnings for Social Security tax withdrawal is the easiest way to fund Social Security for the next generation.
The Medicare tax is 1.45%. There is no cap on earnings for the Medicare portion of FICA.
Above was comments and below was copies from the stated URL.
SOCIAL SECURITY AND FICA Most employees and employers each pay up to 7.65% of PAYROLLcovered wages for social security and Medicare taxes. Together these taxes comprise FICA (Federal Insurance Contributions Act). The social security portion of FICA is 6.2% of your covered wages, up to a maximum wage base of $106,800 in 2010. If you reach the maximum payment, you do not pay any more social security tax until the next calendar year. The Medicare tax is 1.45%. There is no cap on earnings for the Medicare portion of FICA. The wage base for social security is adjusted each year and is shown below for three years: Social Security Wage Base
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posted by God Bless America - Bob @ 12:09 PM
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