since i may never collect social security, why should i pay into a program that i may never collect?? and if i never collect, the money i may pay in might go to some BUM or other reject that is nothing more than a drain on socioty.
It would seem to me to be more profitable for me to talk an investment banker and just put bi-yearly payment in to a high intrest account..
2006-10-13 14:50:56 · 15 answers · asked by Anonymous in Politics & Government ➔ Government
Social Security is social insurance. The same as Life, Auto, Medical we pay even though we may not ever use it.
It sounds like you feel you are paying too much for the expected benefit. Most of us feel that way.
Have you discussed your business organization with your CPA? You may be able to lower your contribution depending on your circumstances.
2006-10-13 14:59:23 · answer #1 · answered by imnogeniusbutt 4 · 0⤊ 0⤋
if you don't pay, you'll be audited and end up paying alot of money in that doesn't really make sense!! I understand what you're saying because it has been said that the funds that are being paid into social security now is being given to the social security recipients now and those that are paying it may not get theirs because the economy is in so much debt!! It's not fair, but it's the American way!!! It's also not fair non-citizens can come to America and get loans and grants and don't have to pay any taxes!! They receive all types of money and don't pay any taxes at all!!
The best thing to do is to pay the money before they try to do something ridiculous and from the looks of it, if you don't pay, you'll wish that you did because they will get backtime, interest and a whole lot of other fees!!
2006-10-13 14:58:34 · answer #2 · answered by angellove 4 · 0⤊ 0⤋
Investing is always a good idea. I doubt I'll ever see social security either.
BUT
What you are saying about, "bums" is kinda of silly though. You may as well stop paying taxes because there are services in your county that you may never use. Like, maybe you don't drive down main street, but some school children walk on the sidewalks - but they aren't you, so why should you pay?
2006-10-13 14:57:04 · answer #3 · answered by beach chatta 2 · 0⤊ 0⤋
Federal Law requires everyone to pay into Social Security with exceptions. Check with your Social Security Office to find out if you fall under any of the exceptions and file as such.
As far as worrying about donating to some bum or reject, your doing that no matter what. The best example is our Congress. Check into what benefits they receive for retirement and you will be completely amazed that they don't pay into social security and are given a pension check for both themselves and spouse and don't pay for that either. Then you'll see who the actual BUMS are.
2006-10-13 15:00:29 · answer #4 · answered by AL 6 · 0⤊ 0⤋
Paying social security taxes isn't optional. If you don't pay, you will violate the federal tax laws. When they eventually catch up with you, and they will, you can count on paying a 100% penalty (that's an amount equal to the tax) if you're lucky enough to avoid being charged criminally. Once the IRS files their liens for the tax and the penalties and interest, they can seize your property. The folks who enforce the revenue laws are not nice people. Do yourself a favor and pay the tax.
2006-10-13 14:55:51 · answer #5 · answered by RLP 3 · 0⤊ 0⤋
Talk to your tax accountant but yes you do not have to put into social security if you have an IRA set up as a pension fund for yourself. Fireman and police don't have social security. They have pension funds. Talk to an accountant to set this up. Do not talk to an investment banker. They will say anything to open an account. The accountant will know where to go.
2006-10-13 14:55:12 · answer #6 · answered by Anonymous · 0⤊ 0⤋
income taxes - no they do no longer pay greater, they pay on the comparable costs, and might even have the skill to take some deductions that an worker with the comparable income ought to no longer take. yet social secure practices and medicare - specific. the comparable finished volume is paid in. yet for an worker, the corporate pays 0.5 of the completed, the worker basically pays 0.5. for somebody self employed, given which you're the two the corporate and the worker, you pay the two halves.
2016-10-19 08:52:18 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Do you know why the age of 65 was picked for the start age to receive social security pensions? It was determined that most of the would be recipients died between 63 and 64.
2006-10-14 21:18:14 · answer #8 · answered by ? 5 · 0⤊ 0⤋
You don't plan to need SS benefits, but MAY, or your family may. I thought you still had a choice, but glad to hear that it is required. Simply another tax to support our society, and by world standards we pay little in percentage. If you haven't already, travel around a bit and see if you'd like to live in another country, that's an option.
2006-10-13 14:57:06 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Do you want IRS to contact you? Then pay the social security tax. There isn't an option that i know about.
2006-10-13 14:52:36 · answer #10 · answered by phoenixheat 6 · 0⤊ 0⤋