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.
Legal Guidance Now is for general educational purposes only and is not intended to provide legal advice on any subject matter whatsoever. Your use of the content provided by this website is at your own risk. Due to frequent changes in the law, some information on this website may not reflect the current state of the law. We are not responsible for any errors or omissions in the content of this website or for damages that arise from your use of the content under any circumstances.
No reader of Legal Guidance Now should act on the basis of any content included in this website without seeking appropriate legal advice (in consideration of the particular facts and circumstances at issue) from an attorney who is licensed to practice law in the reader’s state.