FICA payroll taxes?

Question

Why are we getting ripped off from this tax?

It's taken out of my check every paycheck and it's quite a bit too. I don't get any of that money back when I file for my taxes. I feel ripped off from the government.

Answer 1

When you retire or if you become disabled you will receive monthly social security benefits based on the amount of FICA you've paid. Also your employer matches the amount you pay each paycheck.

Answer 2

Assuming that you live long enough, you'll qualify for Social Security benefits when you make it to "Old Fart" status. You'll also qualify for one of the best social medical programs on the planet -- Medicare. All in exchange for your contributions today.

FICA is separate from Income Tax and is not subject to any refund unless you have 2 or more jobs and earn more than the cutoff amount, $97,500 for 2007.

Answer 3

That money is for retirement. The plan is, you will get it back in monthly payments when you retire.

Problem is, like the rest of the government, they are giving out more retirement money, then they are taking in, and when you retire... you will not get yours back, there will be no more...

If you don't like this plan, then DONT vote for republicans in the next election.

If you want to make rich people richer, and poorer people poorer.. then you VOTE republican.

Answer 4

Part of this money is providing disability insurance to you and your family, and the rest is for retirement benefits. No, unless you are unlucky enough to become disabled, you won't see benefits immediately.

Answer 5

YOU WILL USE FICA WHEN YOU RETIRE OR GO ON DISABILITY YOU SHOULD GET A STATEMENT FROM SOCIAL SECURITY DETAILING WHAT YOU PAID IN AND MADE EACH YEAR ALSO WHAT YOU MAY RECEIVE EACH MONTH AFTER YOU RETIRE. YOU SHOULD GET IT YEARLY I DO.