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News for Norther Colorado and the world

Thursday, August 28, 2014

Posts Tagged ‘grasshopper and the ant’

Payroll Tax “Holiday”? – The Grasshopper and the

Payroll Tax “Holiday”? – The Grasshopper and the Ant!

  This was a very bad idea! The amount withheld from your paycheck (matched by your employer) is not a “tax,” but a contribution to your Social Security retirement benefits. If you don’t pay in during those quarters, it reduces the benefits you will receive upon retirement. Ask the Social Security Administration for a calculation of your estimated benefits (which are based on how much you pay-in) and you will see what I mean! This “tax holiday,” like all holidays, costs you ... Full Story

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