[gatechie]

From my pay stub . . . .
EFFECTIVE 1-1-2012 RATES ARE:
FICA-4.2% OF $110,100/YEAR;
MEDICARE-1.45% OF ALL EARNINGS;

Which is why every "millionaire" making over 110K per year pays a lower percent of their income in taxes than those making less than 110K per year, because the payment out of and (so far) the contribution into FICA is capped.

[tx_eggman]

Which is why every "millionaire" making over 110K per year pays a lower percent of their income in taxes than those making less than 110K per year, because the payment out of and (so far) the contribution into FICA is capped.

Been over the limit for 13 years ... so I do understand the show. It's a nice little take home bump when it happens.

The flip side is that my marginal tax rate (% of the last dollar earned) is at least 8% higher than a single person making less than $85K per year.