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Non-Tech : Who Really Pays Taxes? -- Ignore unavailable to you. Want to Upgrade?


To: Bill who wrote (440)8/18/2000 4:19:27 PM
From: TimF  Read Replies (1) | Respond to of 666
 
Social security is taxed at 6.4% of income, capped at $76,200 in 2000. Medicare is taxed at 1.45% of all income. The sum of both is FICA.

But the employer contribution does effectivly depress wages so the real % total is more like 15.7% (with 12.8% capped at $76,200).

Tim