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Social Security Tax

The Social Security tax, like the Medicare tax, is withheld from an employee's paycheck under the Federal Insurance contributions Act (FICA).  It is combined with the mandated employer contribution and paid directly to the U.S. government.  The tax is assessed at a fixed rate on all income up to an upper limit. 

The Social Security tax is a presumed payment to fund the retirement of an employee.  Since Congress has long since spent the money in the Social Security fund, present workers paying the tax are directly funding the retirement payments of current retirees.  In the near future the number of retirees drawing Social Security payments will far outnumber employees supporting them and unless Congress starts making provisions to solve this problem soon the program will collapse.  There is not much time to act as the deficit in the Social Security system will be in the trillions of dollars.

President Bush attempted to begin solving the problems facing Social Security by opening up some of the mandated payment to personal investment accounts.  Unfortunately, the Democrat controlled Congress would have none of it and the looming system deficit is still fast approaching with no solution in sight.  It is already beyond the ability of the Social Security tax to save the system regardless of the amount of the tax.

 

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Social Security Tax Management Moves Upstream WealthManagement.com
WealthManagement.com Social Security Tax Management Moves Upstream WealthManagement.com Making the best financial decisions is complex, particularly when the ground shifts beneath your feet. Old rules of thumb may or may not apply, so early in the process of change, re evaluating rules of thumb can be highly valuable both to advisors and Filing season begins Jan. 29Bluffton Today all 3 news articles raquo

Feb. 16: The Last Day Millionaires Pay Social Security Taxes In 2018 Motley ...
Yahoo Finance Feb. 16: The Last Day Millionaires Pay Social Security Taxes in 2018 Motley Fool There39s a maximum amount of wages against which the government collects Social Security payroll tax. That amount goes up during most years, adjusting for increases in the overall average wage. For 2018, the wage base for Social Security taxation is 5 Social Security Changes to Expect by 2020 Yahoo FinanceYahoo Finance all 9 news articles raquo

Who Has To Pay Selfemployment Tax Motley Fool
Madison.com Who has to pay self employment tax Motley Fool The tax on Medicare is unlimited, but Social Security taxes have a maximum wage base above which no further tax withholding is required. The wage base limit for 2018 is 128,400, meaning the most you39d pay for the Social Security portion of self 4 Common Tax Return MistakesMadison.com IRS fraud security pilot program fighting tax thieves WKMGWKMG News 6 ClickOrlando The Equifax data breach and your taxes: Why you should file earlyWBIR TV Arkansas Leader HuffPost Nasdaq all 18 news articles raquo

Robb: Tax Reform Doesnapost Threaten Social Security And Medicare AZCentral.com
AZCentral.com Robb: Tax reform doesn39t threaten Social Security and Medicare AZCentral.com The Congressional Budget Office projected that, before the tax bill was enacted, the federal debt would grow by 11 trillion over the next 10 years with existing policy. So, without the tax bill, the federal debt would grow to 31 trillion. With the An Ominous Sign for Social Security From CongressMotley Fool all 24 news articles raquo

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Facts of Law covering the social security tax laws

Facts of Law - Social Security Tax Law