What happens if I chose not to pay into the Social Security fund? I realize I won't get any benefits, but I can deal with that part. Are there any legal consequences such as a fine or jail time? I realize that one's employer automatically takes the money out of your paycheck, but assuming that can be circumvented, does anyone have any information about this?
2007-12-19 14:03:15 · 7 answers · asked by mannzaformulaone 3 in Business & Finance ➔ Taxes ➔ United States
If you are employed there is no way to circumvent the system as that would make your employer in violation. It is tough enough trying to stay in business without being sued for not withholding, contributing to SS.
If you are self-employed you still have to file federal taxes, and SS gets paid at year end there too.
By not contributing all you are doing is creating problems down the road for yourself.
2007-12-19 14:18:36 · answer #1 · answered by Gem 7 · 0⤊ 0⤋
1. If you are an employee, you don't have choice.
2. If you are self-employed, then you must pay social security taxes with your tax return that is it is collected by IRS. So if you don't pay SE tax, you will owe IRS and you must pay interest and penalty and the amount will keep on multiplying.
Also IRS may consider this as frivolous return. The penalty for 2007 is $5,000. With this penalty plus amount due plus added interest and penalties.... you can yourself imagine.
2007-12-19 18:11:15 · answer #2 · answered by MukatA 6 · 0⤊ 0⤋
that's what maximum democrats (or in his case socialists) finally want. all of them LOVE the welfare state simply by fact then each and every physique relies upon on the government for each thing and as an further bonus, government gets to regulate each and every area of our lives. This of path happens slowly and while all is declared and achieved, they themselves stay outdoors of the obstacles of the regulations they have created and stay fortuitously ever after (on our funds). Sound consumer-friendly?
2016-11-23 16:28:38 · answer #3 · answered by ? 4 · 0⤊ 0⤋
You cannot "choose" to not pay in, so it's moot point. Therefore not paying Social Security and Medicare taxes (you'd have to be self-employed to not pay them since employees have them withheld automatcally) would leave you in violation of the law. Your assets would be subject to seizure, wages attached, etc. plus the possibility of criminal prosecution.
2007-12-19 14:15:42 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋
they are automatically taken out so i have never heard of a way to do this at all. If you are self employed, you will have to pay them at the end of year (well due april), so you will have to pay them one way or the other
2007-12-19 14:08:46 · answer #5 · answered by Anonymous · 0⤊ 1⤋
It is not going to happen. Start and contribute to a regular IRA, Roth IRA and participate in a 401k plan.
2007-12-19 14:42:54 · answer #6 · answered by Gary 5 · 0⤊ 0⤋
Well.....they sent Al Copone to prision for that.
2007-12-19 14:07:23 · answer #7 · answered by Anonymous · 0⤊ 2⤋