Recently for this annual year, my TC hit more than 132.9K and gotta know you don't have to pay SSN past that limit. Am happy i don't have to pay more but am i missing anything or is it as simple as it sounds? YOE - 4 TC - 160
As simple as it sounds... it feels so good doesn’t it?
Oh yes ! Indeed 💰
Elizabeth Warren wants to change this sadly
Why sadly? Everybody complains about Social Security probably not being available when they retire. The easiest way to fund SSA is to increase the taxed income limit. If it roughly doubled to $250k, SSA would be funded literally forever (even with the increased payouts from having a higher limit).
Or we can take responsibility and save to take care of ourselves without depending on the system...
Next year it will be $137,700. I'm old enough to remember when it was 80k. 🤷♂️
You have seen a lot and Kudos to you !
Is it TC? Or base?
Just wait until you hit supplemental Medicare.
Can someone explain this?
Only if you vote for Trump. Dems want to remove the cap on FICA taxes so you’ll have to pay higher SSN and Medicare on your entire income
What people don’t get about social security tax is that it is not money that you pay to your future self. It’s money that you pay to retired people now in the hopes that the future generations will do the same for you.
Only idiots don't know that (idiots like Paul Ryan, as an example). SSI has *always* been an insurance program (it's in the name!), not a forced savings plan. Aside from that, if there aren't enough future workers, then GDP will fall (GDP is the combination of number of workers and productivity; there's only so much more productive people can get, so you need to keep numbers up; it's why Japan is screwed, and why we need immigrants). If GDP falls, the economy falls with it, and your near TEOTWAWKI territory. So yeah, you kinda want SSI to survive, because the alternative is significantly worse.
Catch is you had to pay for the first $133k
Wow ! *Slow claps*
No catch. Congrats.
Good to know. Ty 💸