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Originally Posted by Guest
Population of the US = 324,443,471
Today's work force = 152,262,046
When you have less people working than taking, what do you think is happening to the Social Security fund? That's not saying that everyone that is not working is receiving SS, but there are a lot of those that did not put into SS that are receiving money from it, regardless of what some will tell you.
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As your income goes up you pay more into social security but, as you pay more your benefit for every dollar you are forced to pay in is far less.
Many people do not realize or perhaps do not want to realize that if you work for someone else your employer matches every dollar you send to social security with and equal dollar. That matching dollar is actually tax free income to you.
That is the reason why many businesses hire self employed contractors-they do not pay social security for these people. As an employee you paid 7% into social security. I was self employed and paid 13%. At a certain income level, the money you receive above that is free of any further payment to social security. Were they watching me?????? Every time I made that top figure and received some income free of the 13% Social Security tax
THE GOVERNMENT RAISED THE CEILING THE FOLLOWING YEAR.