Subject: Re: [LPNY DISCUSS] NY Capital Dist. Libertarians' Web Site Date: Wed, 22 Oct 2003 11:53:18 -0400 To: From: Bob Armstrong I was a little approximate , but the main difference is that I used the total cost to the employer as the denominator . As I understand it , the .0765 is calculated on the putative wage , $80,000 . So the numbers work out to $12,240 on $86,120 , or 14.21% on actual "money on the table"= . On Tue, 21 Oct 2003 23:28:58 -0400, Jeff Doty wrote: > >=A0----- Original Message ----- >=A0From: "Bob Armstrong" >=A0>=A0And an Update on What Happened: >=A0> >=A0>=A0"But reality is different. Around '83 Social Security had hit= its >=A0>=A0second fiscal crisis. The tax went up - not away. Instead of= 1% on >=A0>=A0$3,000, we now pay close to 8% on $80,000. > >=A0That's you and your employer each . So it's more accurately= about 14% >=A0or $12000 on $86000 , from the perspective your cost to your= employer . > > >=A0Actually, it's 15.3% =A0-- =A07.65% from each. Almost 3/4 of= Americans pay more >=A0money into SS/Medicare than they pay in income tax. > >=A0Jeff Doty --=A0 =A0Bob Armstrong -- http://CoSy.com -- 212-285-1864 Computing Environment : =A0http://CoSy/CoSy/ A WTC vision : http://CoSy.com/CoSy/ConicAllConnect/ non-provisional patent applied for yesterday.