Is Obama a liar?

The social security tax is a tax - yes - and the tax is a percentage of wages - yes.

But that does not make it an "income tax".

Tell me, when you file your 1040 tax return do you include the whthheld social security and medicare taxes at the bottom of the return where it asks for the amount of taxes withheld?

Why not?

 

No, I don't enter that. My employer tracks that for me on my W-2 statement and there can be no adjustments made to social security or medicare taxes. Therefore there is no need for the taxpayer to enter it on the 1040 form.

 

Of course targus is correct here. FICA is not an income tax. It is a payroll tax. There is a difference.

 

And where do you find this bit of info in the 1040 instructions?

We aren't talking about an adjustment - we are talking about getting you your refund of income taxes. :laugh:

Dude, I have been a CPA for over thirty years and you so do not know what you are talking about that it is beyond funny. :laugh:

 

In what way is the SS tax NOT a tax on your personal income? (yes, if you are self employed half of your SS tax is deductible)

 

FICA and Medicare do not show up as entries on your 1040. OK, so FICA and Medicare are technically a PAYROLL tax, not an INCOME tax. Most non-laymen would consider payroll to be income.

So you went through these past few posts to trap me into confusing two terms, then pronounce yourself smarter than me. Why? We're on the same side here (I think.)

Now, do you want to comment on the OP? In your professional opinion is it possible for a millionaire who derives the bulk of their income from long term capital gains to have a lower tax rate than someone earning, say, $60,000 a year. Why or why not?

 

Freeatlast, it is important to understand the difference between FICA withholding and income taxes because we are at a point where something like 40% plus do not pay any income tax (and many even receive a "refund" of taxes that they didn't actually pay in the form of an earned income credit) while those who do pay income taxes are being told that they now need to pay their "fair share".

To redefine FICA withholding as income taxes only feeds into the notion that taxes need to be raised on someone else because "I pay 4.2% in FICA".

BTW - has anyone even verified that this supposed secretary of Buffet even exists? "Joe the plumber" was put under a magnifying glass - his tax returns and personal finances were examined by the press - but they don't give a hoot about checking out this story about a secretary that supposedly pays more taxes than a billionaire.

 

Good point.

 

Yea !!!

Ding, ding, ding...

We both win !!! :love2:

 

FICA IS not listed on the W-2 to conn the suckers into thinking they are "investing" into an "insurance policy."

 

Dude, you so do not know what you are talking about that it is beyond funny. :laugh:

 

I have not seen one for 20 years. Doesn't change anything. SS is a tax based on income thus an income tax. You a "fair tax" fellow who does not think the proposed "fair tax" is not a sales tax?