The maximum tax for SS in 2018 is 7,980.00 since income taxable for SS is capped at 128,400, plus 1.45% for Medicare. Plus state SS taxes, which in my case are capped at 1,150. How would they have paid 500,000?
Employer Matching SS / Medicare, AKA Total Employee Compensation. It’s all part of the Ponzi scheme making ignorant People think they only pay a smaller amount.
Heck, they don’t even realize that they are Taxed on the Deduction from their Paychecks since it comes out of their Gross. Then they are Taxed again when they receive their SS.
People think that the Employer Match is some sort of Gift, It isn’t, it is part of the Total Compensation Package. In other words it’s considered part of your Salary, just like Employer Paid Healthcare.
When these Morons go on and on about $15 a Hour Burger Flipper Jobs, the cost to the Employer is not $15.00, it’s more like $18.00 an Hour.
Both my buddies made really good money for over 30 Years. A rough estimate, if they paid in only $10,000 (their portion and their Employer’s portion) a Year times 30 = $300,000.