2006-11-06 01:56:32 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
There are two parts to the Social Security Tax. FICA is funding the old age pension (social security) and the Medicare portion pays for the medicare coverage that the government provides retirees and the disabled.
2006-11-06 03:57:27 · answer #1 · answered by waggy_33 6 · 1⤊ 0⤋
The Social Security tax exists so that the seniors can continue to receive money after they quit working.
2006-11-06 10:08:52 · answer #2 · answered by words_smith_4u 6 · 2⤊ 0⤋
It is to ensure that you receive social security benefits when you retire.
However you don't see your own money. What you are paying in now is going to the seniors collecting right now and when you are old enough to collect, the people working will be contributing your payments.
2006-11-06 10:48:40 · answer #3 · answered by nova_queen_28 7 · 2⤊ 0⤋
Supposedly to provide you with a retirement check. But the government borrows against this at minimal or no interest to cook the books.
2006-11-06 10:21:51 · answer #4 · answered by acmeraven 7 · 0⤊ 0⤋
Just another way for the government to swipe your money. The only difference is the supposed auspice under which they swipe it.
2006-11-06 10:03:53 · answer #5 · answered by Hate Boy! 5 · 0⤊ 1⤋
SO THE POLITICIANS COULD LOAD THEIR POCKETS WITH IT.
2006-11-06 10:04:45 · answer #6 · answered by crane1951@sbcglobal.net 4 · 0⤊ 1⤋