FICA explained: What to know about Social Security, Medicare tax rates | JUST CURIOUS
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The Social Security FICA payroll tax on your earnings caps out at $184,500 and 2026
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If you make under $184k, you pay a 12.4% Social Security tax rate. Everything after that cap is exempt from the tax. So if you make $1 million per year, you pay about 2.2%. And it's 0.002% for billionaires. If we lifted the cap, Social Security could be funded for decades.
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Social Security retirement is based on how much payroll FICA taxes you paid in. If you dont pay in, you wont get Social Security (unless you draw off a spouse or former spouse). Self employed must also pay social security taxes. #socialsecuritybenefits #turning62 #socialsecurity
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That sounds like an employer problem, not a Hailey problem. Hailey got her FIRST real check at 16 and was feeling real RICH… until she found out Uncle Sam might want his cut. 😭😂 Her job didn’t take taxes out, so now it’s me, Hailey & Alexa at the kitchen table trying to explain why she may owe $107. Hailey: “But I don’t even work there anymore.” Me: “That’s… not how taxes work.” Hailey: “Well THEY were supposed to take it out.” Alexa: 🗣️ explaining the tax code Hailey: “They might just have t
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Is the Social Security Expansion Act a Game Changer? 💰📊 Breaking Down the $200 Boost and Tax Impacts! #SocialSecurity #FinanceNews #TaxUpdate #fyp #foryou #viral #tiktok #storytime
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