Columbia financial aid

Shraf
Sun, 10 Feb 2008 15:36:44 +0000

ok, so we’re both wrong:



For 2008, the employee’s share of the Social Security portion of the tax is 6.2% of gross compensation up to a limit of $102,000 of compensation. This limit, known as the Social Security Wage Base, goes up each year based on average national wages and, in general, at a faster rate than the Consumer Price Index (CPI-U). The employee’s share of the Medicare portion is 1.45% of wages with no limit. The employer is also liable for separate 6.2% and 1.45% Social Security and Medicare taxes, respectively, making the total Social Security tax 12.4% and the total Medicare tax 2.9% of wages.



…clearly adding 8% the way you did is wrong…also either way you want to twist it…the calcuations i did on the tax program took this into account, so i really don’t know what you’re arguing…I realize that its typically taken out of your paycheck but if it isn’t they take it from you on your income tax return and include a tax penalty for the interest…I didn’t include that penalty because you wouldnt be liable for it since those taxes would be taken out of your paycheck.



It’s clear you’ve neither seen a pay stub for someone who makes 200k nor spent the time to educate yourself on these issues.



sounds like educating myself on something like that would be quite a waste of time…even if i was making 200k since you can just pay someone a couple hundred bucks to take care of it for you…my quick and dirty estimation after wikipedia-ing it did a pretty fair job…though you might not want to admit it.



Have you ever had a job, dude?



I’ve had four paying jobs since freshman year of college and do my own taxes every year… though, i must admit that I’ve never made anything near 200k a year (shocker…i know…i’m so behind the curve, most grad students are pulling in millions at 22)

so, even though you claim i’m “as naive as a high school student on the issue” you really haven’t made any argument that would disprove my calculation…i guess you just saying it should be enough for us to cower and believe …i’m done with this unless you have something more constructive to say than “you’re naive and have never had a job”