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trc

(823 posts)
62. My wife is a CPA tax specialist
Wed Apr 24, 2019, 12:05 PM
Apr 2019

If you are self employed you absolutely have to pay your SSI and your Medicare. That is why so many companies now try to claim employees are contract labor, they do not want to pay the SSI and Medicare contributions, so the contractor has to make up the difference. She tells every self employed client to set aside at least 15% of all earnings and make contributions in a timely fashion. The IRS gets a bit pissy about this.

I think the ceiling increases a little each year moose65 Apr 2019 #1
I understand what you are saying.. but if you contribute you should be able to Peacetrain Apr 2019 #2
Right moose65 Apr 2019 #3
Excellent point!! Peacetrain Apr 2019 #4
Two mistakes in info posted here so far SCantiGOP Apr 2019 #14
I said we need to make sure the cap stays! moose65 Apr 2019 #25
I agree we lift the cap, but I don't agree it's baloney to lift the earnings. MadDAsHell Apr 2019 #45
The people who benefit from the contribution caps are still eligible for SS, right? forgotmylogin Apr 2019 #47
Fair enough, but then it really isn't insurance and probably shouldn't be referred to as such. MadDAsHell Apr 2019 #53
well.. Maaattcast Apr 2019 #27
Excellent summary exboyfil Apr 2019 #54
" You do not have to pay into SS if you are self employed etc. " "its something we choose to pay for pangaia Apr 2019 #6
My wife is a CPA tax specialist trc Apr 2019 #62
That is what I was saying. pangaia Apr 2019 #64
As someone who spent 12 years as a self-employed consultant... MANative Apr 2019 #7
Individuals Who Receive Income From LLC's Are Exempt From Paying into Social Security dlk Apr 2019 #10
you are mistaken or misunderstanding something questionseverything Apr 2019 #29
Methinks he may get a knock on the door at some point exboyfil Apr 2019 #55
Self employed pay emploee and employer into SS........... MRDAWG Apr 2019 #18
As a self-employed attorney, I can assure you self-employed people pay SS taxes. TomSlick Apr 2019 #30
perhaps it's a matter of semantics... AZ8theist Apr 2019 #33
Semantics perhaps but the truth remains. TomSlick Apr 2019 #34
You DO have to pay into SS if you are self employed. Captain Stern Apr 2019 #52
You do pay into SS if you are self employed karynnj Apr 2019 #58
There's also a limit as to how much monthly SS one can receive. llmart Apr 2019 #39
There's also a higher family cap. rickford66 Apr 2019 #50
My experience with SS. llmart Apr 2019 #51
My Dad had a problem with SS after he retired many years ago. rickford66 Apr 2019 #67
I would also add SS taxes to un-earned income. NT flamin lib Apr 2019 #5
All income should be taxed at the same rate HuskyOffset Apr 2019 #21
Flat tax infinite_wisdom Apr 2019 #48
Sorry, that was really bad wording on my part HuskyOffset Apr 2019 #49
If corporations are people too.. denbot Apr 2019 #8
BRILLIANT BamaRefugee Apr 2019 #12
They do radical noodle Apr 2019 #17
Does that mean corporations also get to collect Social Security? (NT) HuskyOffset Apr 2019 #22
When they reach retirement age. denbot Apr 2019 #26
I Posted This Back In 2015 And It's Become Relevant Again.... global1 Apr 2019 #9
Remove the caps! Nitram Apr 2019 #11
Easy cure for Medicare...make it for all IronLionZion Apr 2019 #13
I saw a post on FB saying something like, "I paid into Medicare all my life, screw letting brewens Apr 2019 #63
Right, and it's been a no brainer forever!!! elleng Apr 2019 #15
I think NYMinute Apr 2019 #16
You are Rebl2 Apr 2019 #20
By "IOUs", you mean treasury bonds, right? hughee99 Apr 2019 #37
The trust funds were never "raided". The tax rate people paid into the fund actually went up... PoliticAverse Apr 2019 #41
the Trust Fund is expected to run out in 2035 even if Congress paid back the IOUs Kaleva Apr 2019 #57
If 95% of workers pay SS & Mecicare on all of their earnings then.......... MRDAWG Apr 2019 #19
You are wise, Peacetrain. Yes...Soc. Sec. HAS been tweaked before, to make it cont. working. Honeycombe8 Apr 2019 #23
Without the cap rocktivity Apr 2019 #24
What about collecting the debt that has been leveraged against it to pay for tax cuts to the rich? WyattKansas Apr 2019 #28
The debt is being repaid. In about 15 years it'll be all paid back and that is when.... PoliticAverse Apr 2019 #40
By borrowing more money exboyfil Apr 2019 #56
yep--easy to do. Except Republicans. librechik Apr 2019 #31
Add Capital Gains and Carried Interest to the list Ruby the Liberal Apr 2019 #32
they are "taxable income", but are taxed at the capital gains rate unblock Apr 2019 #65
Thank you Ruby the Liberal Apr 2019 #66
There you go LiberalFighter Apr 2019 #35
The cap has been raised almost every year since the 1950s. The link below is only through 2011.... George II Apr 2019 #36
Yes, lift the caps. Also.... JohnZSmith Apr 2019 #38
Take both houses of congress and the presidency. That would help. oasis Apr 2019 #42
Social Security does have a cap on benefits. PoindexterOglethorpe Apr 2019 #43
They should at least TimeToGo Apr 2019 #44
This message was self-deleted by its author Cetacea Apr 2019 #46
My brother and me fight about SS, here's why Chalco Apr 2019 #59
Bernie Sanders has been saying this for a decade garybeck Apr 2019 #60
Raising the minimum wage would help, too... Wounded Bear Apr 2019 #61
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