Posted by MarkB_MI on April 29, 2015 at 04:09:55 from (198.208.159.19):
In Reply to: Re: Social Security posted by Pair-a-dice farm on April 29, 2015 at 03:27:18:
> Just curious, where did you get that information? If you are self employed you pay 15.3% of your net income into SS and medicare. You also pay about half of the SS and medicare for all of your employees.
What I mean by paying a "lot" into SS would be to nearly max out your contributions every year for 35 years. Currently you have to net $118,500 per year to max out your contributions. Now I realize there are farmers and other self-employed businessmen who make this much, but that's hardly typical. As for the contributions you make on behalf of your employees, that's an irrelevant point because they aren't used to calculate YOUR benefits.
I'll also note for the record that many self-employed businessmen are in a position to under-report their income, either because they have a cash business or they have transactions which don't get reported to the IRS. I'd say it's a reasonable assumption that many of those individuals pay much less than the max SS tax, even though their real income is well into six figures.
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