“In this world, nothing can be said to be certain, except death and taxes,” as Ben Franklin wrote – and among the taxes imposed on your paycheck, none are as inflexible as those that go towards the Federal Insurance Contributions Act (FICA), colloquially known as Social Security. Whether salaried or self-employed, paid an hourly wage or an annualized sum, you must contribute throughout your working life. No exceptions exist. Or do they?
Here’s a quick refresher on the Social Security basics: If you work for an employer, your gross wages are currently taxed at 6.2%. Your employer matches that amount and sends a total of 12.4% to the government.