For employee income tax, it's still the same rate it's been since 1990. 6.2%. The only thing that's changed is the base, which for 2022 is $147,000 (which, incidentally, is a lower year-over-year increase than any fiscal year under the Trump presidency).
Would you call this waging war on seniors?
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Re: Would you call this waging war on seniors?
Re: Would you call this waging war on seniors?
Total FICA tax for an employee is 6.2% of gross income.Doctor Steuss wrote: ↑Tue Sep 06, 2022 9:10 pmFor employee income tax, it's still the same rate it's been since 1990. 6.2%. The only thing that's changed is the base, which for 2022 is $147,000 (which, incidentally, is a lower year-over-year increase than any fiscal year under the Trump presidency).
Because of deficit spending, computing SSI expenses as a percentage of only income tax would be misleading. Total SSI payments in 2020 represented about 1.5% of total federal spending.
Correction: .8% of total federal spending; 3.5% of discretionary spending.
he/him
When I go to sea, don’t fear for me. Fear for the storm.
Jessica Best, Fear for the Storm. From The Strange Case of the Starship Iris.
When I go to sea, don’t fear for me. Fear for the storm.
Jessica Best, Fear for the Storm. From The Strange Case of the Starship Iris.
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Re: Would you call this waging war on seniors?
Doesn't FICA include Medicare tax? If so, I think that would bump total FICA to 7.65%.Res Ipsa wrote: ↑Tue Sep 06, 2022 9:13 pmTotal FICA tax for an employee is 6.2% of gross income.Doctor Steuss wrote: ↑Tue Sep 06, 2022 9:10 pm
For employee income tax, it's still the same rate it's been since 1990. 6.2%. The only thing that's changed is the base, which for 2022 is $147,000 (which, incidentally, is a lower year-over-year increase than any fiscal year under the Trump presidency).
Thank you. In my haste to torpedo low hanging fruit, I not only misinterpreted the question, but also took to answering it lazily (and, admittedly, embarrassingly shallowly).Because of deficit spending, computing SSI expenses as a percentage of only income tax would be misleading. Total SSI payments in 2020 represented about 1.5% of total federal spending.
Re: Would you call this waging war on seniors?
Oops. You are correct. I should have said Social Security and not FICA.Doctor Steuss wrote: ↑Tue Sep 06, 2022 9:19 pmDoesn't FICA include Medicare tax? If so, I think that would bump total FICA to 7.65%.
he/him
When I go to sea, don’t fear for me. Fear for the storm.
Jessica Best, Fear for the Storm. From The Strange Case of the Starship Iris.
When I go to sea, don’t fear for me. Fear for the storm.
Jessica Best, Fear for the Storm. From The Strange Case of the Starship Iris.