Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

Social Security tax

Read a random definition: faeder-feoh

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.

Social Security statement | Sodomy

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
11:10
I got a call first
JumpySubsequentDolphin
11:10
I interviewed like two weeks ago, not sure how quick they get back to peeps post interview
JumpySubsequentDolphin
11:10
but my interview was a disaster so not holding onto hope
Late to the party but my name is Paul Leachman in Delray Beach, FL (WashU pls respond)
11:11
Why is it taking so long for WashU to get back to me. Ppl are getting acceptances in a month or less
letsseehowitgoesnow
11:11
...
triplethread
11:11
@BookLover125: RETWEET
triplethread
11:12
is it bad i lied about getting into case western bc my parents are bugging me about my first a
@BookLover125: they are so impressed with your application they are renaming the library after you before admitting you
Do you know not everyone says they were ED?
11:12
No they shouldn’t be bugging you this is stressful enough without them adding More. Do what u gotta do
11:13
Got jokes I see
triplethread
11:13
its sooo stressful and im not even done applying
Just apply and get the A lol
triplethread
11:13
got like 3 more apps
there should be a law school draft akin to the NFL Draft where law schools can recruit us
or a MaxPreps esque high light video where Deans can rank us
1a2b3c4d26z
11:15
In this analogy is the LSAT the NFL combine
JumpySubsequentDolphin
11:16
I told my family I won’t get any decisions until 2025 so they wouldn’t bombard me hahah
no i think there should be a Law School combine with all new drills except there is still the 40 yard dash
and a sub 4.5 gets you into any t14
LSAT can be one of the drills
letsseehowitgoesnow
11:17
so washu only called one person
So all the D1 athletes will get into a T-14. What else is new?
@TheAdoptedOne: that is called "Dean Poker Night" lol
@ClockworkBlue: I feel like most people could train for the 40 for the same amount of time as they do the LSAT and get close to sub 5 which would be equivalent to a 167+
this is like the schizophrenic posts JJK tik tok be putting out
powerscaling Law School deans up next
11:19
Election Day election day
LSD+ is ad-free, with DMs, discounts, case briefs & more.