As of Jan 1, 2011, the SS rate is temporarily different for employers than for employees, I believe. 6.2% for employers' portion, but only 4.2% for employees.
Good video. One point of clarification....the $106,800 limit only applies to the OASDI portion of FICA tax, the limit does not apply to the medicare portion.
@khanacademy Which is awkward, because a person's medical expenses aren't going to go up just because they're upper class (if anything it's going to be less since they're healthier), whereas their retirement expenses are probably going to be somewhat higher.
And you think anyone would notice if 1% more were taken from their salary or that anyone who earns more than $106,800/year would notice if their higher salary were also taxed at the same percent. Why can't we have FICA on every income up to infinity? Wouldn't be a big loss, or possibly not even noticeable, to nearly anyone.
@billyzelsnack: You may have missed the part where they already get very high payouts. I'm suggesting some slightly (very) smaller payouts that won't hurt their lives in any discernible way.
@1Natick1 The Internet tells me the maximum monthly payout is $2366 for someone who contributed the maximum from age 21 to 66. Seems like someone in that situation is already getting an abysmal return on their contribution.
Increase everyones taxes. Simple fix.
SuperToughnut 1 month ago
Employee pays half, employer pays half. What dose that even mean?
TravistheHuman 6 months ago
@mbogie203....We all should care.
lacadams 6 months ago
who cares?
MBogie203 6 months ago
As of Jan 1, 2011, the SS rate is temporarily different for employers than for employees, I believe. 6.2% for employers' portion, but only 4.2% for employees.
SurreptitiouSurprise 6 months ago
does the employer stop paying the social security part (6.2%) once the $106,800 is reached?
apicc75 6 months ago
Great video!!!!!!
MidnightAngel92 6 months ago
Thanx for the upload. Timing is everything. I needed this one.Thanks
Investor2c 6 months ago
FYI: For the equivalent tax in Belgium, the employer pays +-35% and the employee pays 13.07%, in most cases.
noxure 6 months ago
Ron Paullll =]
Resshuuken 6 months ago
Good video. One point of clarification....the $106,800 limit only applies to the OASDI portion of FICA tax, the limit does not apply to the medicare portion.
michael501a 7 months ago 8
@michael501a correct, I should have mentioned that
khanacademy 6 months ago 6
@khanacademy Which is awkward, because a person's medical expenses aren't going to go up just because they're upper class (if anything it's going to be less since they're healthier), whereas their retirement expenses are probably going to be somewhat higher.
FortNikitaBullion 2 weeks ago
i am waiting for the comments to fix america
LWBOEHM 7 months ago
And you think anyone would notice if 1% more were taken from their salary or that anyone who earns more than $106,800/year would notice if their higher salary were also taxed at the same percent. Why can't we have FICA on every income up to infinity? Wouldn't be a big loss, or possibly not even noticeable, to nearly anyone.
1Natick1 7 months ago 4
@1Natick1 Are you also proposing very high payouts for those that make very high contributions?
billyzelsnack 6 months ago
@billyzelsnack: You may have missed the part where they already get very high payouts. I'm suggesting some slightly (very) smaller payouts that won't hurt their lives in any discernible way.
1Natick1 6 months ago
@1Natick1 The Internet tells me the maximum monthly payout is $2366 for someone who contributed the maximum from age 21 to 66. Seems like someone in that situation is already getting an abysmal return on their contribution.
billyzelsnack 6 months ago
I absolutely LOVE your videos, thank you so much!
One suggestion though: maybe you could find a way to organize and label these videos so that we may know the correct order. Just a thought.
JD12ish 7 months ago
@JD12ish just refer to his website (khan Academy) and you will see all videos are correctly ordered.
hayderatrah 6 months ago