Some of our readers take issue when it comes to calling Social Security and Medicare entitlements under the impression they paid and continue to pay for their own benefits.
Last year I had a (very) part-time job where I earned less than $5,000. I wasn’t employed by anyone, I worked by myself at home occasionally so I had to report the money as self-employed. The money was added to my other income for tax purposes … but in addition I had to pay both the employer and employee portion of Social Security and Medicare taxes, in other words 15.3% in additional taxes.
Considering I have been on Medicare and Social Security for several years, I’m pretty sure I am not paying for my own benefits, and my Social Security payment certainly isn’t going up as a result. I’m paying for the benefits other people hope to collect.
In fact, as I have mentioned several times before, the incoming taxes workers pay today are no longer sufficient to pay current benefits to already retired Americans. They used to be, but now Social Security relies on payroll taxes, plus interest on Trust Fund bonds and in a few years will have to start redeeming bonds to pay our benefits … then what❓
QUINNSCOMMENTARY 
i feel your pain…i decided to go back to work last year….just a few days a week….a chance to get out and socialize, stay involved and pick up some cash to supplement my pension….unfortunately the gig meant working for the city of new york……so i am paying whopping taxes to both new jersey and new york……and yes i continue to pay into ss as well…..when discussed with my accountant….his advice to me was to cut back on my hours or actually quit the job.
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I remember when I was employed, I waited for “th raise” when FICA was no longer deducted. In retrospect and in light of the state of Social Security, ther should be no limit. FICA should be deducted from all pay checks for the full year. I would be happy to pay my fair share.
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But is it a fair share when you would be paying unlimited taxes while your benefit is still based on a taxable limit? Doesn’t that make Social Security welfare for most Americans?
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I’m sure you cant do anything about this but the format change on the blog is terrible. The page looks cluttered, it takes more clicks to get to other articles and it takes longer to load a page.
Sent from my iPhone
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