Comments on: The Social Security Tax Ceiling http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/ personal finance tips, tricks, and commentary Sun, 22 Nov 2009 03:39:46 -0500 http://wordpress.org/?v=abc hourly 1 By: Anthony Alvarez http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/comment-page-1/#comment-129035 Anthony Alvarez Fri, 13 Feb 2009 02:10:24 +0000 http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/#comment-129035 I am a 59 year old man that is disabled by blindness and arthritis in my spine, and most of my body. What I want to know if people like myself getting a tax break this year and if so how much and when can we expect it. Yours Gratefully, Anthony G. Alvarez I am a 59 year old man that is disabled by blindness and arthritis in my spine, and most of my body. What I want to know if people like myself getting a tax break this year and if so how much and when can we expect it.
Yours Gratefully,
Anthony G. Alvarez

]]> By: sherry xiao http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/comment-page-1/#comment-63832 sherry xiao Thu, 01 Feb 2007 15:55:25 +0000 http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/#comment-63832 Hello, is there anyone know that how I get the refund for the overpayment for the social security tax (6.2% as employer and 6.2% as employee) from the self-employed income. My CPA said that I could only get refund for the social security tax (6.2%) as employee when I fill in 1040 form. There is no tax form for employer to claim the overpayment for the social security tax and medical tax, is that right? Thank you very much! Sherry Hello, is there anyone know that how I get the refund for the overpayment for the social security tax (6.2% as employer and 6.2% as employee) from the self-employed income.

My CPA said that I could only get refund for the social security tax (6.2%) as employee when I fill in 1040 form.

There is no tax form for employer to claim the overpayment for the social security tax and medical tax, is that right?

Thank you very much!

Sherry

]]> By: nickel http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/comment-page-1/#comment-41709 nickel Sun, 26 Nov 2006 21:37:25 +0000 http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/#comment-41709 The reason that people refer to it as being paid on your behalf is that, if you are self-employed, you would have to pay the full amount (employee + employer shares) all by your lonesome. So yes, the employer is picking up an amount that would otherwise be paid by you if you were self-employed. The reason that people refer to it as being paid on your behalf is that, if you are self-employed, you would have to pay the full amount (employee + employer shares) all by your lonesome. So yes, the employer is picking up an amount that would otherwise be paid by you if you were self-employed.

]]> By: Andy Rogers http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/comment-page-1/#comment-41649 Andy Rogers Sun, 26 Nov 2006 17:48:09 +0000 http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/#comment-41649 "The employer pays...on your behalf" -- sure, it's considered a 'normal' part of having employees, but this is a part of the money that's theoretically "available" to the retiree individually. Of course, I have a hard time believing any of this money, the withheld or the 'match' will be around when I'm ready to retire. I expect the ceiling to go up, the age for "retirement" to go up, and the benefit to go down. So I'd say the money isn't available to the employer, and isn't available to be salary either. “The employer pays…on your behalf” — sure, it’s considered a ‘normal’ part of having employees, but this is a part of the money that’s theoretically “available” to the retiree individually. Of course, I have a hard time believing any of this money, the withheld or the ‘match’ will be around when I’m ready to retire.

I expect the ceiling to go up, the age for “retirement” to go up, and the benefit to go down. So I’d say the money isn’t available to the employer, and isn’t available to be salary either.

]]> By: Don http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/comment-page-1/#comment-39585 Don Mon, 20 Nov 2006 18:43:41 +0000 http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/#comment-39585 "your employer pays an equal amount on your behalf" I know this is the common phraseology, but it's a complete fabrication/myth that the employer pays anything on behalf of the worker. It's a cost of employment just like salary and if it weren't being paid to the government, it would be available to be paid as salary. Nothing infuriates me more than these type of shenanigans with accounting and semantics designed to fool the average citizen. And everyone goes along with it...Arrrgggh!!! “your employer pays an equal amount on your behalf”

I know this is the common phraseology, but it’s a complete fabrication/myth that the employer pays anything on behalf of the worker. It’s a cost of employment just like salary and if it weren’t being paid to the government, it would be available to be paid as salary.

Nothing infuriates me more than these type of shenanigans with accounting and semantics designed to fool the average citizen. And everyone goes along with it…Arrrgggh!!!

]]> By: Andy Rogers http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/comment-page-1/#comment-39538 Andy Rogers Mon, 20 Nov 2006 16:29:13 +0000 http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/#comment-39538 If you're self-employed, you can sometimes avoid some of the SE tax by incorporating as an "S" Corp. There are costs to incorporating, so you usually want to be making at least $30k (depending on the state) as a sole-prop or partnership or llc member. If you’re self-employed, you can sometimes avoid some of the SE tax by incorporating as an “S” Corp. There are costs to incorporating, so you usually want to be making at least $30k (depending on the state) as a sole-prop or partnership or llc member.

]]> By: Matt http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/comment-page-1/#comment-38527 Matt Fri, 17 Nov 2006 04:23:07 +0000 http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/#comment-38527 If only it weren't going to be eliminated in a few years when the trust fund fraud is exposed... If only it weren’t going to be eliminated in a few years when the trust fund fraud is exposed…

]]> By: jim http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/comment-page-1/#comment-38339 jim Thu, 16 Nov 2006 21:42:50 +0000 http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/#comment-38339 Hot diggity dawg this is good news! Hot diggity dawg this is good news!

]]> By: bluntmoney http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/comment-page-1/#comment-38229 bluntmoney Thu, 16 Nov 2006 14:05:21 +0000 http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/#comment-38229 New goal! New goal!

]]> By: FMF http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/comment-page-1/#comment-38218 FMF Thu, 16 Nov 2006 13:12:09 +0000 http://www.fivecentnickel.com/2006/11/16/the-social-security-tax-ceiling/#comment-38218 You're my hero. ;-) You’re my hero. ;-)

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