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i only realized recently that our social security is actually taxed to us as much as 135% ( no one ever said i was the sharpest bulb in the draw).... when we work we pay taxes on the amount of money that ss takes from our check. but that only represents 1/2 of what is payed in on our behalf. our boss pays the other 1/2 of our payment and the taxes on that 1/2 too. both 1/2 represent about 15% of your pay not including taxes maybe even more now..... when you finally receive ss your payment can be taxed a 2nd time up to 85% depending on your income.
thats a whopping 135% tax , and our gov't thought we on this forum werent smart enough to realize what they were doing to us, guess we showed them.
both 1/2 represent about 15% of your pay not including taxes maybe even more now..... .
You're thinking of the combined Social Security and Medicare taxes which amount to 15.3%. Social Security by itself is 6.2% for both the employee and employer, so the total is only 12.4%.
you right, i was just looking at the total that comes out.... we are still getting hammered at 135% in taxes though if we are taxed at the max
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