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Monday, February 07, 2005

I forgot one thing in my previous post. It seems I provided an inaccuracy in regards to how FICA taxes are taken from your paycheck. I provided the figure 12.9%, but instead, you pay 6% while your employer pays another 6.9%. I'm sorry for providing the wrong figure.

However, this brings up a whole new topic. Where does that employer get that 6.9%? Right out of your paycheck, correct? And if not through your paycheck, then through raising the prices of the services your company provides, which every company must, so it all comes back to you eventually. My big question is, why is the federal government lying to us saying that it's only taking out 6% while surreptitiously taking another 7% (behind our backs, no less) through our employers. Tomorrow I'm going to be dissecting taxation, and we'll handle this matter in more detail. Just, if more people realized how fully they are being taxed, there would be a huge call for reform. The government is taxing your employer much more heavily than it is you, but where do people think this money comes from? That your employer makes this money magically appear?

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