0
Especially as at @110K a year it covers the overwhelming majority of workers, it just may not add that much to the coffers. More than that, the higher earners through life pay much more in and don't get (proportionally) the same amount back (Someone making 55K for life doesn't get half of what someone making 110K does...the higher earner gets a touch more).
But more importantly, wealthy people, those who (either by ability or responsibility) have saved and planned for their retirement, generally giving up things in life to do it then may have assets - investments and savings that produce income for them, which reduces (or effectively taxes) their social security payout compared to those who gave in less and gave up less.
Wouldn't it be better/fairer/financially more successful to tax those people who can't show they have some level (depending on age - say form 35 years old and more) of committed retirement savings to rely on other rather than only the payments from them system? (AND letting everyone that participated get an equal return).
What else can I help you with?
What is the FICA withholding limit for 2011?
4.2
What is the FICA withholding limit for 2013?
$110,000
What is the FICA withholding income limit for 2010?
That won't be known until the last quarter of 2009.
What is the FICA withholding income limit for 2009?
In 2009, the IRS set annual Social Security wage base limit at $106,800 at 6.2%. That would make the maximum FICA withholdings $6,621.60.
What is the FICA withholding rate for 2011?
what is the FICA rate for 2011
What is the FICA withholding limit for 2011?
4.2
What is the FICA withholding limit for 2013?
$110,000
What is the FICA withholding income limit for 2010?
That won't be known until the last quarter of 2009.
What is the FICA withholding income limit for 2009?
In 2009, the IRS set annual Social Security wage base limit at $106,800 at 6.2%. That would make the maximum FICA withholdings $6,621.60.
What is the FICA withholding rate for 2011?
what is the FICA rate for 2011
Are wages paid to a social security recipient subject to FICA withholding?
are employees that are currently receiving social security and medicare benefits subject to fica withholding
Is federal withholding the same as fica?
Yes and no. Federal Withholding is usually Federal income tax. FICA is Social Security. Different percentage, goes to a different place.
is their an age limit on who pays fica taxes?
is there an age limit on who pays fica taxes
Domestic help - what is the minimum amount requiring withholding FICA?
For domestic workers, the minimum amount requiring FICA withholding is $2,600 in 2023. If you pay a domestic employee more than this threshold in a calendar year, you are responsible for withholding and matching FICA taxes, which include Social Security and Medicare taxes. It's important to report these wages and ensure compliance with tax regulations.
What is the FICA limit for 2013?
$110,000
What tax deductions can appear on a payroll withholding statement?
Federal and state income taxes, and FICA
Are union negotiation subject to FICA taxes?
It would seem logical that a negotiator who is a full time employee of, for example, the Teamsters Union, would be subject to FICA withholding taxes.
