Social Security TaxRealized1031.com2020-04-14 08:00:00
Social Security Tax
The Social Security tax, or Old-Age, Survivors, and Disability Insurance (OASDI) Program, which is the official name of social security, is a payroll tax levied against employees and employers. When you look at your next paycheck, you’ll see a deduction for FICA. FICA stands for (FICA) Federal Insurance Contributions Act, which is the fund that Social Security taxes are paid into. Self-employed people also pay into Social Security through self-employment taxes, which are mandated by the Self-Employed Contributions Act (SECA).
The 2020 Social Security tax rate is set at 12.4% and is paid 50/50 between employees and employers. Self-employed people must pay the entire 12.4% Social Security tax.
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Hypothetical example(s) are for illustrative purposes only and are not intended to represent the past or future performance of any specific investment.
Investing in alternative assets involves higher risks than traditional investments and is suitable only for sophisticated investors. Alternative investments are often sold by prospectus that discloses all risks, fees, and expenses. They are not tax efficient and an investor should consult with his/her tax advisor prior to investing. Alternative investments have higher fees than traditional investments and they may also be highly leveraged and engage in speculative investment techniques, which can magnify the potential for investment loss or gain and should not be deemed a complete investment program. The value of the investment may fall as well as rise and investors may get back less than they invested.
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