2007-06-25 10:16:09 · 5 answers · asked by Carla & John R 1 in Business & Finance ➔ Taxes ➔ United States
The least expensive way to solve social security is to dump "pay as you go" in favor of a market based approach.
2007-06-25 10:26:14 · answer #1 · answered by kirbyguy44 3 · 0⤊ 2⤋
Are you asking about social security taxes, or the program in general? Your employer is required to withhold taxes from your check. If you are self employed, you are required to pay the taxes as self-employment tax at the same time you make estimated income tax payments. If you are referring the to program as a whole, I vote to end the program entirely. Let me keep the 15.3% of my check and I will have more in the bank at retirement than any government program will ever pay me.
For those who will point out the 15.3% includes the 'employer share' of the tax, I promise they include that amount when deciding how much to pay me.
2007-06-25 14:34:35 · answer #2 · answered by STEVEN F 7 · 0⤊ 1⤋
You have no choice. If you are an employee the FICA tax is split between you and your employer, each paying half of the total levy. Your share is withheld from your pay.
If you are self-employed you pay the entire amount and if you expect to owe a total of more than $1,000 in self-employment and income taxes combined then you must make quarterly estimated tax payments to the IRS using Form 1040-ES.
2007-06-25 11:00:02 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
is that actually a question?
2007-06-25 18:34:03 · answer #4 · answered by Lisa 4 · 0⤊ 0⤋
in comparison to what?
2007-06-25 10:18:45 · answer #5 · answered by Mike Frisbee 6 · 0⤊ 0⤋