2007-03-25 10:35:02 · 4 answers · asked by suzie 2 in Business & Finance ➔ Taxes ➔ United Kingdom
I don't know about these people as individuals, but if wealthy people draw wages, tips and other compensation, they pay Social Security and Medicaid tax just like everyone else. "The maximum amount of wages subject to the social security tax for 2006 is $94,200. There is no limit on the amount of wages subject to the Medicare tax." -- irs.gov site. The FICA rate for 2006 and 2007 for employees is 7.65%, of which 6.20% is Social Security and 1.45% is Medicare -- SSA site. Double all rates if the person is self-employed. So the max anyone will pay in employee's Social Security is 6.20% of $94,200, or $5,840.40 employed, $11,680.80 self-employed. Medicare tax is not limited to a wage ceiling, so this tax is unlimited.
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2007-03-25 11:00:52 · answer #1 · answered by VT 5 · 0⤊ 0⤋
All of them probably pay the maximum, which is 7.65% of $94,200 or 15.3% for those who are self-employed.
Medicare is paid on ALL income. The reason there's a top cutoff for social security is that there's a maximum on benefits, and over a certain amount you don't get a higher social security benefit.
2007-03-25 10:45:02 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
They all pay the limit . Social security tax is limited to 12.4 % of your income up to the limit . The last time I checked if you made over $86,000 dollars you would hit the limit .
2007-03-25 10:45:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋
define crumple... If the dollar tanks, oil and gas futures swap to the yuan, there's a hurry on t-bonds, vast economic corporation disasters, then millionaires could probably flee the country. Gates - could be ok. Microsoft would desire to maintain him in gold plated jets based on the Asian industry on my own. Trump on the different hand could probably go through a extensive loss in wealth.
2016-11-23 15:10:09 · answer #4 · answered by angele 4 · 0⤊ 0⤋