I know CEO's, and other business people don't have to pay social security. Being self employed you don't have to pay money into social security. Appereantly Employees are forced to pay social security? I know I WILL NEVER GET MY MONEY BACK IN SOCIAL SECURITY. So I why should I have my hardworking ****!n money going into a black hole to fund obamacare. So how can I stop my Employer taking social security out of my paycheck, because I looked at the amount was taken out of my paycheck I could of got 1 oz of silver. I would trade 1 oz of silver any day than going into social security. This is f*ckin ********.
so you want to stop paying the man 33 you have found the scourge that a large number of people hate. the self employed do have to pay SS up to a certain maximum. they just have to pay both the employers 7.65 and employees 7.65 percent. Yippee. or at least that was the way it was a couple of of years ago. I thing the current employee share is 5.65 percent (we recently got a 2% temp reduction) I've heard tell of people that have opt'd out of SS but remember, checking out has it's issues to. you get hurt? good luck having the state take care of you. ditto with medicare/medicaid. you check out of the system, you are out. better be self employed as trying to get a job with your SSN recinded is a bitch. same with credit / bank accounts / drivers licenses / stock / bonds I'm researching the exact same thing but .. it's not looking rosy nor easy to say 'Take this card and shove it' as it will no just effect you but your entire family (if you have dependents) the goobernment doesn't want you to get off the tax roles and doesn't make it easy. but if you want to learn more check link below. HERE Just remember this isn't something to take lightly. YMMV Naughty Monkey
Yep, the SSN was never SUPPOSED to be used for identification purposes, but it is. Almost any financial dealing requires it. In the Florida school system as well as state employment, it is the way we are identified. Name and SSN together make up who YOU are, as there can be someone else with the same name. We have even seen two siblings in school with the same name (!) and consecutive SSN's to separate them. People get wierd naming their kids...... On the chance that a kid does NOT have an SSN, the school district assigns them a 'School ID Number' (same as SSN for all others) that is used only while that kid is in school. He gets out, he still has no SSN. Of course you could find your local Illegals - they'll have some spare SSN's squirreled away.......
Sorry 33percent but if you don't want SS withheld, become a teacher otherwise, SS & med will be withheld from the the first $106,800 of your annual earning. No opting out. Also, any withholdings under a Section 125 Cafeteria plan (i.e. health insurance) are not subject to SS/Med/State/Federal withholdings. If you have health insurance under a company sponsored health care plan, make sure they have a Section 125 plan in place - it can make a big difference. The owner of an unincorporated business can draw cash out of the business with no withholdings because they pay taxes on the earning of the business which are viewed as their self employed income. The tax rates on an individual are usually more favorable than those of a corporation. However, as VisuTrac mentioned, the owner will have to pay Self-Employment tax (15.3%) in addition to federal tax. Until 2010, payments made for a self-employed health insurance plan were not deductible from the self-employment tax (incorporated = deductible, self-employed=not deductible.) In 2010, 1/2 of the health care payment could be deducted and the balance deductible for FIT (federal income tax) purposes.
if youre in the military your SSN is your service number too do like me, do farm work and handyman work, under the table, no ss withheld keep your income low and there are no income taxes either
That's one of the problems beast. While your social security income after retirement are based on your total lifetime withholdings, the same is not true for medicare. When you work "under the table" you are not contributing to the fund from which you will ultimately benefit forcing the rest of us to cover your nut. While I am not a fan of the SS/Medicare system, since it is the method currently used for funding advanced age health care, those making no contribution but utilizing the system are part of the problem.
That's why it's called socialist security, RH. It is also why socialism never works for long and we are on the tail end of finding out again; what was that thing about making the same mistake and expecting different results?
Actually there are organizations out in the world who employee people and do not require a contribution to social security. I work for a large county in southern California, we do not contribute to SS but we do pay into medicare. We dont pay because we have a specific agreement in our Memorandum of Understanding (MOU) that states we do not contribute, we receive paid retirement contributions/matching funds with a lowered retirement age.
That is the same as the teacher's union. There are a few companies with this arrangement but very few due to the difficulty in fulfilling verifying funding security and proofs.
Hmmm i wonder if it help to classify groceries as office supplies on for my company. Guns and ammo as "security" and camping supplies are also office supplies since I need them to look at remote real estate for acquisition and retreat development. Creative accounting?
For the last few days, Hannity (on radio) has been shocked that the FedGov has taken to robbing the 'lock box'of Social Security...... Where the "H" has he been!? This has been happening for decades.
Thanks for the response guys, just I don't want to pay my SS seriously. Money I'll never get back in my lifetime, we are experiencing our country going broke. If I don't have faith in it for retirement, then why should I pay it? I should not be obligated to pay my hardworking money that goes into someone else's retirement. This is illigal, and wrong in so many ways. How can I put a end of paying any social security, I don't trust the Govt providing me a retirement. What can I do to stop it?
Every post tried to answer this question. Other option is to become part of the legislative body and use it to change current laws.
If an individual incorporated, in order to obtain funds from the corporation, a paycheck must be created - subject to employment taxes - or the funds must be reimbursement for expenses paid by the individual on behalf of the corporation. Any bills paid by the Corp. must be related to the corporation or as loans to the shareholder. Loans must not only have a loan agreement in place with a repayment plan, and are not tax deductible to the corp thus increasing the tax basis. Some people mistakenly think if they incorporate, the Corp can pay their mortgage, utilities, etc but unless the debt is in the name of the corporation or leased to the corporation, it's not deductible. The corporation can, say, buy a car and have it registered and insured in it's name but any personal use of the vehicle by the shareholder is taxable to the individual as personal use of business vehicle. The IRS has pretty sophisticated algorithms for reviewing tax returns so it's opening the door for an audit to try any of these slick tricks
