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comment by kleinbl00
kleinbl00  ·  1756 days ago  ·  link  ·    ·  parent  ·  post: Liam Stack: Here’s What We Know About the ‘Panama Papers’

What's really going to bake your noodle is a concept called "maximum taxable earnings."

If you make up to $118,500 a year, you pay 7.6% of your earnings to social security. If you make 118,600 a year, you pay 7.6% of 118,500.

If you make $118,500,000.00 a year, you pay 7.6% of $118,500.00.

When you hear about social security going bankrupt?

Yeah, pretty easy fix.

Kaius  ·  1756 days ago  ·  link  ·  

Check out our USC http://www.citizensinformation.ie/en/money_and_tax/tax/income_tax/universal_social_charge.html

Which is 8% of your gross salary if you earn 100K before they take the other 21/42% PAYE tax. Essentially half your salary goes to tax...

It makes for interesting conversations when my US based co-workers make the occasional gripe about salary or cost of living, my heart bleeds for them.