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View Poll Results: Is money deducted from Social Security/Medicare a tax
Yes 18 90.00%
No 2 10.00%
Voters: 20. You may not vote on this poll

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Old 08-13-2012, 03:14 PM
 
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Since this is not a voluantary program, is the money deducted from your paycheck considered a tax?

http://http://en.wikipedia.org/wiki/...utions_Act_tax
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Old 08-13-2012, 03:15 PM
 
Location: Littleton, CO
20,893 posts, read 14,981,309 times
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Quote:
Originally Posted by Frugality View Post
Since this is not a voluantary program, is the money deducted from your paycheck considered a tax?
Yep.
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Old 08-13-2012, 03:16 PM
 
4,255 posts, read 3,241,040 times
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Yes , its a payroll tax. Some people at some point in their lives may get a tax refund on some of it.
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Old 08-13-2012, 03:17 PM
 
Location: Sango, TN
24,874 posts, read 22,772,685 times
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2012 Social Security tax rate and maximum taxable earnings

Straight from the horses mouth, a tax.

I'm still waiting for the Iraq and Afghanistan war tax.
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Old 08-13-2012, 03:18 PM
 
2,548 posts, read 2,015,349 times
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Quote:
Originally Posted by waterboy7375 View Post
Yes , its a payroll tax. Some people at some point in their lives may get a tax refund on some of it.
How can you get a tax refund years or decades later?
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Old 08-13-2012, 03:18 PM
 
Location: Great State of Texas
86,067 posts, read 78,612,499 times
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It is a tax whether you think so or not.

Federal Insurance Contributions Act tax - Wikipedia, the free encyclopedia
26 USC Chapter 21 - FEDERAL INSURANCE CONTRIBUTIONS ACT | LII / Legal Information Institute
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Old 08-13-2012, 03:20 PM
 
4,255 posts, read 3,241,040 times
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Quote:
Originally Posted by Frugality View Post
How can you get a tax refund years or decades later?

If its a tax and it is, when one gets some back is that not a tax refund?
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Old 08-13-2012, 03:22 PM
 
2,548 posts, read 2,015,349 times
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Quote:
Originally Posted by waterboy7375 View Post
If its a tax and it is, when one gets some back is that not a tax refund?
Do people really get back money they put into SS, when I was making minimum wage I didn't get it back, I got a refund for the other taxes paid, but not FICA taxes
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Old 08-13-2012, 03:24 PM
 
4,255 posts, read 3,241,040 times
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Quote:
Originally Posted by Frugality View Post
Do people really get back money they put into SS, when I was making minimum wage I didn't get it back, I got a refund for the other taxes paid, but not FICA taxes

You probably have not hit 68 yrs old yet.
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Old 08-13-2012, 03:27 PM
 
9,283 posts, read 6,036,188 times
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One could call it a "delayed" refund.
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