Home | Community | Message Board

MushroomMan Mycology
This site includes paid links. Please support our sponsors.


Welcome to the Shroomery Message Board! You are experiencing a small sample of what the site has to offer. Please login or register to post messages and view our exclusive members-only content. You'll gain access to additional forums, file attachments, board customizations, encrypted private messages, and much more!

Shop: PhytoExtractum Buy Bali Kratom Powder   Kraken Kratom Red Vein Kratom

Jump to first unread post Pages: 1
Invisibleelbisivni

Registered: 10/01/06
Posts: 2,839
Social Security Tax
    #7934458 - 01/26/08 11:15 AM (16 years, 6 days ago)

Anyone around here NOT pay SST?

I've only done a little reading on the eligibility, benefits, etc. of SST but I understand that it is not a required tax and am wondering if paying those taxes would be worth it or not in the long run.

Whether or not it is is surely effected by other conditions, involving your place of employment and their benefits and plans, correct?

I think I'd prefer investing that money myself than allowing the government to withhold it until someday when maybe I need it. I know your employer must match what you pay in SST, which is a benefit, but I don't feel like relying on SS is a good idea.

Perhaps I am wrong, I would just like to get some more info and discuss this with others to try and decide what would the most rational course of action would be for me.

If I decided to, how would I go about ceasing my program?

Some good, general info here: http://law.freeadvice.com/government_law/social_security_law/


--------------------
From dust you are made and to dust you shall return.


Extras: Filter Print Post Top
InvisibleVeritas
 User Gallery
Registered: 04/15/05
Posts: 11,089
Re: Social Security Tax [Re: elbisivni]
    #7934654 - 01/26/08 12:02 PM (16 years, 6 days ago)

I'm not sure where you are getting your information, but you are incorrect about SST being optional. There are a few (rare) exceptions to wages being subject to SST, and no exceptions to your net profit from self-employment being subject to SST. I've been processing payroll AND income tax returns for many years, and the laws are quite clear in this regard.

I would recommend checking out some government sites regarding this issue.


Extras: Filter Print Post Top
Invisibleelbisivni

Registered: 10/01/06
Posts: 2,839
Re: Social Security Tax [Re: Veritas]
    #7934755 - 01/26/08 12:24 PM (16 years, 6 days ago)

Well I haven't been able to find anything in writing but two of my colleagues have been free of SST for five years. That is why I am here seeking additional bits of info. It's the weekend, I can't inquire further into their situations.


--------------------
From dust you are made and to dust you shall return.


Extras: Filter Print Post Top
InvisibleVeritas
 User Gallery
Registered: 04/15/05
Posts: 11,089
Re: Social Security Tax [Re: elbisivni]
    #7934775 - 01/26/08 12:28 PM (16 years, 6 days ago)

Well, as far as the actual law is concerned, their wages are very likely to be subject to Social Security tax. The exceptions are:

Quote:

# Wages received by certain state or local government workers participating in their employers' alternative retirement system.
# Net annual earnings from self-employment of less than $400.
# Wages received for service as an election worker, if less than $1,400 a year (in 2008).
# Wages received for working as a household employee, if less than $1,600 per year (in 2008).
# Wages received by college students working under Federal Work Study programs, graduate students receiving stipends while working as teaching assistants, research assistants, or on fellowships, and most postdoctoral researchers.
# Earnings received for serving as a minister (or for similar religious service) if the person has a conscientious objection to public insurance because of personal religious considerations, but only for "qualified services" performed for a religious organization.




http://en.wikipedia.org/wiki/Social_Security_(United_States)#Tax_on_wages_and_self-employment_income

(I used Wiki to avoid linking to a .gov site, but you can find the same info at the IRS and SSA websites.)

As far as self-employed persons go, I believe that you can avoid SS and Medicare taxes by incorporating. As long as you are not an employee of the corporation, you don't owe SS or Medicare on the distributions you receive.


Extras: Filter Print Post Top
Invisibleelbisivni

Registered: 10/01/06
Posts: 2,839
Re: Social Security Tax [Re: Veritas]
    #7934791 - 01/26/08 12:32 PM (16 years, 6 days ago)

Yes, I read that. Thanks.


--------------------
From dust you are made and to dust you shall return.


Extras: Filter Print Post Top
InvisibleVeritas
 User Gallery
Registered: 04/15/05
Posts: 11,089
Re: Social Security Tax [Re: elbisivni]
    #7934829 - 01/26/08 12:38 PM (16 years, 6 days ago)

Why post this question, then?  The law is pretty clear-cut--if your wages do not fall into one of those categories, then you ARE obligated to pay SS and Medicare taxes.  :shrug:


Extras: Filter Print Post Top
Invisibleelbisivni

Registered: 10/01/06
Posts: 2,839
Re: Social Security Tax [Re: Veritas]
    #7934903 - 01/26/08 12:50 PM (16 years, 6 days ago)

Quote:

elbisivni said:
two of my colleagues have been free of SST for five years.  That is why I am here seeking additional bits of info.  It's the weekend, I can't inquire further into their situations.



:awesome:

Look, I just wanted to see if anybody knew anything else about this, apart from what is written for all to see.  You never know..  Well, maybe you do, maybe you know it all, just leave me to my vain dead-end search for alternate possibilities please.  I don't need to be prodded, if it's the end of discussion then end the discussion.


--------------------
From dust you are made and to dust you shall return.


Extras: Filter Print Post Top
InvisibleVeritas
 User Gallery
Registered: 04/15/05
Posts: 11,089
Re: Social Security Tax [Re: elbisivni]
    #7934975 - 01/26/08 01:04 PM (16 years, 6 days ago)

OK, good luck with all that.  :wink:


Extras: Filter Print Post Top
OfflineGnosticWarrior
Hermit
 User Gallery

Registered: 03/11/07
Posts: 241
Loc: Oahu, Hawaii
Last seen: 14 years, 8 months
Re: Social Security Tax [Re: elbisivni]
    #7935612 - 01/26/08 03:06 PM (16 years, 6 days ago)

Don't really know the law but, I used to work for my state's pension system. The police and firefighters were exempt for the SST. Here's some SS History:
Quote:

When the Roosevelt administration dreamed up Social Security in 1935, the stated goal was to guarantee that industrial workers would have secure pensions. With the Great Depression threatening the life of so many enterprises, it seemed like a good idea to provide these workers with an independent, guaranteed retirement plan. Public employees were specifically excluded because Congress recognized that they were already safe from the swing of private sector fortunes.



Then President Roosevelt made a promise that revealed his administration's redistributionist aims. FDR allowed workers who retired after 1936--no matter how little they paid in--to collect full benefits immediately. That meant that the system had to expand to cover the costs of these unfunded liabilities. Small-business owners, farmers, doctors, and others who traditionally funded their own retirements were gradually forced into the system. Today, more than 148 million workers pay into a system that was just supposed to protect the working poor from poverty in old age.



After most private sector workers were absorbed, the federal government targeted other government workers--even though their retirements were secure. In 1954 Congress amended the Social Security Act to let states and municipalities voluntarily cover their public employees under Social Security. Some opted in, others stayed outside the system. This voluntary agreement was revoked in 1983, when Congress made it illegal for states and municipalities to continue to set up alternative retirement plans for their employees; only pension plans pre-dating the 1983 amendments were allowed to enroll new employees.



At the same time, all new federal employees were forced into Social Security. (Congress maintained that the 1983 amendments would ensure Social Security's solvency for at least another 75 years; a mere 16 years later, Social Security is again facing bankruptcy.) In 1990, the Social Security Act was amended again to force any public employee not already enrolled in an exempt plan into the system. Clinton proposes to close this last loophole, forcing the last handful of exempt workers into the Social Security system.






http://www.reason.com/news/show/31105.html


Extras: Filter Print Post Top
InvisibleVeritas
 User Gallery
Registered: 04/15/05
Posts: 11,089
Re: Social Security Tax [Re: GnosticWarrior]
    #7936088 - 01/26/08 04:35 PM (16 years, 6 days ago)

Yes, that's true. As I mentioned earlier, one of the exempt groups is "Certain state or local government workers participating in their employers' alternative retirement system."


Extras: Filter Print Post Top
OfflineGnosticWarrior
Hermit
 User Gallery

Registered: 03/11/07
Posts: 241
Loc: Oahu, Hawaii
Last seen: 14 years, 8 months
Re: Social Security Tax [Re: Veritas]
    #7938869 - 01/27/08 01:44 AM (16 years, 5 days ago)

Quote:

Veritas said:
Yes, that's true. As I mentioned earlier, one of the exempt groups is "Certain state or local government workers participating in their employers' alternative retirement system."




Sorry about that. I didn't read your previous post throughly. If I did, I wouldn't have done my last one. So far I've only seen solid info in your posts, thanks for sharing!


Extras: Filter Print Post Top
Jump to top Pages: 1

Shop: PhytoExtractum Buy Bali Kratom Powder   Kraken Kratom Red Vein Kratom


Similar ThreadsPosterViewsRepliesLast post
* Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects
( 1 2 3 4 ... 500 501 )
geokillsA 250,330 10,002 01/27/24 05:04 PM
by geokills

Extra information
You cannot start new topics / You cannot reply to topics
HTML is disabled / BBCode is enabled
Moderator: geokills, automan
1,530 topic views. 0 members, 1 guests and 1 web crawlers are browsing this forum.
[ Show Images Only | Sort by Score | Print Topic ]
Search this thread:

Copyright 1997-2024 Mind Media. Some rights reserved.

Generated in 0.024 seconds spending 0.007 seconds on 14 queries.