Social Security actually costs about twice as much as you think
If you’re an employee, you’ve probably noticed that a portion of your paycheck gets withheld to go toward Social Security payroll taxes. But what you probably don’t know is that your employer is also on the hook for the same amount: 6.2% of your paycheck.
As self-employed people know all too well (since they pay both halves), the federal government gets 12.4% of your pay up to the maximum six-figure amount set each year.
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