10:36
Psyop guys will try and convince you they are like secret masterminds. I had this one guy whose wife would call me every week and she would tell me about how her husband just like disappeared and could not be found cus he was a specialy trained psyop officer. I found his phone number and called him the same day online. That woman was gaslit so hard.
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Simple English definitions for legal terms
Social Security tax
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A quick definition of Social Security tax:
Social Security tax: This is a tax on the money you earn from working. It helps pay for Social Security, which is a program that gives money to people when they retire or become disabled. The tax is 12.4% of your wages, but your employer pays half and you pay half. You only have to pay this tax on wages up to a certain amount, which changes every year. In 2021, you don't have to pay Social Security tax on wages above $142,800. This is different from Medicare taxes, which apply to all income.
A more thorough explanation:
Social Security tax is a tax on wages that helps fund the Social Security program. It is also known as FICA tax. The tax rate is 12.4% of an employee's wages, but it is split between the employee and employer, with each paying 6.2%. The tax only applies to wages up to a certain amount, called the maximum wage base, which changes every year. In 2021, the maximum wage base is $142,800. This means that any wages above $142,800 will not be subject to Social Security taxes.
Let's say that John earns $50,000 per year. His employer will deduct 6.2% from his paycheck for Social Security tax, which amounts to $3,100 per year. John's employer will also pay 6.2% of his wages, or $3,100 per year, to the Social Security program. If John earns more than $142,800 in 2021, only the first $142,800 of his wages will be subject to Social Security taxes.
Another example is if Jane is self-employed and earns $200,000 in 2021. She will have to pay the full 12.4% Social Security tax on her entire income, which amounts to $24,800.
These examples illustrate how Social Security tax works and how it is calculated based on an employee's wages or a self-employed individual's income.