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I just looked at the IRS site. The total of social security and medicare taxes paid is 15.3%. Half is paid by the employee as a deduction from their wages. H
by wildgift 13y ago
I just looked at the IRS site. The total of social security and medicare taxes paid is 15.3%. Half is paid by the employee as a deduction from their wages. Half is paid as payroll tax by the employer. The self employed pay the full 15.3%.
Where do you get 30%?
- saosebastiao 13y agoIt goes to 22% in 20 years for just SS/Medicare. But don't forget Medicaid, of which a significant portion goes to the elderly and is likely to increase, and can also be funded by additional state taxes. Californians especially are f*ed. I'm not throwing out a vetted number, but given all the evidence 30% doesn't seem unrealistic.