Re: Econ News


Jason Bowen wrote:
mianderson@xxxxxxxxxxxxxxxx wrote:
Jason Bowen wrote:

Frankly I could use the extra 15.3% of my monthly income that put away
each month to pay my own FICA. I've always hated the double
employer/employee tax and really hate it now that I'm self employed.

why would you hate it more that you are self-employed? Everyone pays
it...whether you work for yourself or for intel or whatever. You
paying 15 is the same as someone working a regular job paying 7.5 and
their employer paying 7.5 because in the end the employee is paying 15
because a certain amount is budgeted for their position.


It is 15.3% that disappears BEFORE I put my federal and state taxes
away.

When I worked I assumed the FICA I was paying was deducted on the
income before state and fed taxes as well.......was I wrong? I didn't
know you could throw FICA into a cafeteria-like plan and deduct it from
taxable income like you can for health insurance for example.


Now, if I make the same as somebody that works as a regular full
time employee for somebody else

but my point is that if you make 75k self employed you really aren't
making the same as someone making 75k working as a regular fulltime
employee......your position is budgeted as 75k...their position is
budgeted at a lot more. The gov't is recieving "more" or "less" FICA
money from one vs. the other....it's just split up in the case of the
regular employee.....


everyone does...that's part of the social contract american citizens
accept.


Bullshit. My wife and I have two retirement accounts from her job, I'm
not making enough right now to contribute to anything.

well why not? iirc you have an education and some training......start
carrying your weight.....

We are planning
for our future, I expect others to as well, and if they don't, they
suffer the consequences.


easy to say, hard to implement. America isn't a country that will let
people starve because they didn't properly save...has to be a sfaety
net.....




Jon

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Relevant Pages

  • Re: Econ News
    ... each month to pay my own FICA. ... employer/employee tax and really hate it now that I'm self employed. ... paying 15 is the same as someone working a regular job paying 7.5 and ... that money wisely, and wewill be on the hook for them later ...
    (rec.sport.football.college)
  • Re: Econ News
    ... each month to pay my own FICA. ... employer/employee tax and really hate it now that I'm self employed. ... paying 15 is the same as someone working a regular job paying 7.5 and ...
    (rec.sport.football.college)
  • Re: Econ News
    ... away each month to pay my own FICA. ... employer/employee tax and really hate it now that I'm self ... You paying 15 is the same as someone working a regular job paying ... use that money wisely, and wewill be on the hook for them ...
    (rec.sport.football.college)
  • Re: OT a ponzey scheme?
    ... Since they now make over $200k a year, it would be greedy for them to go back and take that money? ... In spite of their meager earnings, FICA was deducted, same as it is now on the first $106,000 of their income. ... they may still be paying $8000 into SS while they are taking some out. ...
    (rec.food.cooking)
  • Re: OT a ponzey scheme?
    ... If someone has an annual retirement income of $200K or more, ... still be paying $8000 into SS while they are taking some out. ... paying $16000 a year in FICA. ... i have a hard time calling individuals collecting their duly enacted ...
    (rec.food.cooking)