What are Social Security taxes and how do they work?
An example of an AI chatbot conversation about Social Security taxes and their implications.
What are Social Security taxes and how do they work?
Social Security taxes are payroll taxes that fund the Social Security program, providing benefits for retirees, disabled individuals, and survivors. They are typically deducted from your paycheck.
How much do I have to pay in Social Security taxes?
As of 2023, the Social Security tax rate is 6.2% for employees and employers, applied to earnings up to a certain limit, which is $160,200.
What happens if I don't pay Social Security taxes?
If you don't pay Social Security taxes, you may not qualify for benefits in the future, and you could face penalties or legal action.
Can self-employed individuals pay Social Security taxes?
Yes, self-employed individuals pay Social Security taxes through the Self-Employment Contributions Act (SECA), which is currently 12.4% on net earnings.
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