It stands for Old Age Security and Disability Insurance, same as FICA and I don't remember what that is the acronym for.
You're right about the lack of background knowledge, there are too many of us who don't understand what happens to the 20 or 25% that disappears from our paychecks.
It stands for Old Age Security and Disability Insurance, same as FICA and I don't remember what that is the acronym for.
You're right about the lack of background knowledge, there are too many of us who don't understand what happens to the 20 or 25% that disappears from our paychecks.
At the time I was still doing any payroll - it was .0765% of gross. Whether that has changed? I have no idea. I like THAT acronym much better than FICA & I dont remember either!
When I retired, it was 7.65% of gross from the worker and a matching amount from the employer; I'm not aware of any changes since although there's been a lot of hot air and smoke blown into various places. What I'm suggesting is removing the income cap which for 2022 was $147,000.
I agree - removing the cap would help the social security fund AND be the right thing to do. Its time that was done - no matter how much static we all would hear.
The static from the small percentage (by numbers) of taxpayers who would be impacted is much less than what we'd hear if there was an attempt a la Macron, to raise the minimum age for retirement.
It stands for Old Age Security and Disability Insurance, same as FICA and I don't remember what that is the acronym for.
You're right about the lack of background knowledge, there are too many of us who don't understand what happens to the 20 or 25% that disappears from our paychecks.
At the time I was still doing any payroll - it was .0765% of gross. Whether that has changed? I have no idea. I like THAT acronym much better than FICA & I dont remember either!
When I retired, it was 7.65% of gross from the worker and a matching amount from the employer; I'm not aware of any changes since although there's been a lot of hot air and smoke blown into various places. What I'm suggesting is removing the income cap which for 2022 was $147,000.
I agree - removing the cap would help the social security fund AND be the right thing to do. Its time that was done - no matter how much static we all would hear.
The static from the small percentage (by numbers) of taxpayers who would be impacted is much less than what we'd hear if there was an attempt a la Macron, to raise the minimum age for retirement.