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If an individual has a SS policy, then their salary is subject to SS [at a rate of five quarters per year, and not the four quarters per year rate that civilians are subject to].
That doesn’t answer the question.
Given that military pay IS subject to SS, it doesn’t matter if one “has a policy” or not. Thee isn’t a legal way to avoid it.
Wages and salaries are subject to FICA tax. When you tell your boss that you don't have to pay it because you "don't have a SS policy," that isn't going to work out for you. As a withholding agent, your employer is required to collect and remit FICA taxes. Failure to do so means he gets to pay it (plus penalties and interest) himself. So, what do you tell your boss? What mechanism will allow him to not collect and remit FICA on your wage/salary? Be specific - there are plenty of people here on CD that would be very interested in how to legally do this.
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There is no legal requirement.
I seem to think that you and I have discussed this before. There is still no legal requirement. Regardless of your delusions.
The legal requirement is if you have wages, salary, or earnings from self-employment. If you don't have those things, you won't be paying it. But that isn't what you're talking about, is it?
It's all kind of a moot point. The Social Security program is no longer cash flow positive. It's now paying out more than it is taking in. The "trust fund" is not real. When you're cash flow negative, you either need to raise taxes, borrow money, or stop paying something else in the Federal budget. It would be the political third rail to cut benefits so that's not going to happen.
No matter how you cut it, rich people are going to pay much of the eventual tax increase. They own the corporations that pay the employer half of payroll taxes. They're the ones with maxed out Social Security contributions. If the earned income cap is lifted or passive income sources start being taxed, they'll be the ones paying almost all of that.
Right now, all the rhetoric is to delay the tax hike as long as possible. It piles on the national debt so not the best financial move for the country but that's how it's going to play out with today's Congress & President.
ss retirement is not positive because ss disability has drained it .
but the law is the law and any excess ss money can only buy special treasuries -period . it is not stolen out of the fund .
they had to shift billions from ss retirement to ss disability because of increased claims . much of which is fraud and abuse .
close the abuse and ss will be well funded .
just one lawyer eric conn hit the ss disability system up for more than a 1/2 of billion dollars . with his social security judge buddy , doughty in cahoots and workers inside the ss system they got benefits for those already declined . they pulled more than 1/2 a billion dollars in benefits out for their clients with fraudulent paper work appeals and the judge approving them in exchange for kick backs .
if an attorney wins an ss appeal he gets paid by ss too , anywhere from 4-8k as well . they collected millions in fees for those cases too .
we had over 100 busted here in nyc for disability fraud who were connected to inside manipulations for approving benefits too . this is only 2 cases .. we can't even say how much is going out that the system does not even know about .
Last edited by mathjak107; 04-05-2018 at 04:22 AM..
None of this post is correct. Not even one single part.
What Buffett said is that his secretary, who makes well into 6 figures, has a higher effective tax rate than he does. Single and $200k of earned income after deductions and exemptions is a 25% effective tax rate. Or was before the 2018 tax year. That’s higher than the tax rate on dividends and capital gains.
ss retirement is not positive because ss disability has drained it .
but the law is the law and any excess ss money can only buy special treasuries -period . it is not stolen out of the fund .
they had to shift billions from ss retirement to ss disability because of increased claims . much of which is fraud and abuse .
close the abuse and ss will be well funded .
just one lawyer eric conn hit the ss disability system up for more than a 1/2 of billion dollars . with his social security judge buddy , doughty in cahoots and workers inside the ss system they got benefits for those already declined . they pulled more than 1/2 a billion dollars in benefits out for their clients with fraudulent paper work appeals and the judge approving them in exchange for kick backs .
if an attorney wins an ss appeal he gets paid by ss too , anywhere from 4-8k as well . they collected millions in fees for those cases too .
we had over 100 busted here in nyc for disability fraud who were connected to inside manipulations for approving benefits too . this is only 2 cases .. we can't even say how much is going out that the system does not even know about .
Eric Conn is from my neck of the woods. I personally know many, many people who are on disability that should be kicked off. They can work. They should work. In many cases, it's an intergenerational problem where grandma, mom, and kid are all on disability, and many have never worked a traditional job consistently.
In the broadest terms, if these frauds remain on disability, it's taking money that could be better allocated elsewhere. I'm all for helping the truly disabled or those going through an unexpectedly tough time, but many of our antipoverty measures have made things just comfortable enough for people to live and not make any effort to do better.
What Buffett said is that his secretary, who makes well into 6 figures, has a higher effective tax rate than he does. Single and $200k of earned income after deductions and exemptions is a 25% effective tax rate. Or was before the 2018 tax year. That’s higher than the tax rate on dividends and capital gains.
capital gain rates today are just shy of 24% at the highest level ,( 20% plus 3.80% surcharge ) but generally if you hit that level with a capital gain , all other income trips the amt tax too , so high capital gains have been very very painful in reality .
when i tripped the highest level in 2014 before we retired and i sold the lease rights we held , our total effective tax rate from dollar 1 for state and local taxes plus amt was 29% i believe . i can confirm it if you are interested .
Last edited by mathjak107; 04-05-2018 at 07:25 AM..
Eric Conn is from my neck of the woods. I personally know many, many people who are on disability that should be kicked off. They can work. They should work. In many cases, it's an intergenerational problem where grandma, mom, and kid are all on disability, and many have never worked a traditional job consistently.
In the broadest terms, if these frauds remain on disability, it's taking money that could be better allocated elsewhere. I'm all for helping the truly disabled or those going through an unexpectedly tough time, but many of our antipoverty measures have made things just comfortable enough for people to live and not make any effort to do better.
i believe he was a very famous kentucky attorney , known as "mr social security "
Wages and salaries are subject to FICA tax. When you tell your boss that you don't have to pay it because you "don't have a SS policy," that isn't going to work out for you. As a withholding agent, your employer is required to collect and remit FICA taxes. Failure to do so means he gets to pay it (plus penalties and interest) himself. So, what do you tell your boss? What mechanism will allow him to not collect and remit FICA on your wage/salary? Be specific - there are plenty of people here on CD that would be very interested in how to legally do this.
The legal requirement is if you have wages, salary, or earnings from self-employment. If you don't have those things, you won't be paying it. But that isn't what you're talking about, is it?
I have never heard of a SS policy????
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