An interesting way to look at minimum wage.
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wrote on 21 Feb 2021, 15:03 last edited by
@axtremus said in An interesting way to look at minimum wage.:
Seems easy: because one is work while the other one is not.
Wrong. Both are earned.
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@axtremus said in An interesting way to look at minimum wage.:
Seems easy: because one is work while the other one is not.
Wrong. Both are earned.
wrote on 21 Feb 2021, 15:20 last edited by@mik said in An interesting way to look at minimum wage.:
Both are earned.
I would have been happy to not pay Social Security tax and put that money into a 401K or other retirement vehicle.
By the way, I don't know about other locations, but Chicago public school teachers don't pay into SS. They have their own retirement plan.
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@axtremus said in An interesting way to look at minimum wage.:
Seems easy: because one is work while the other one is not.
Wrong. Both are earned.
wrote on 21 Feb 2021, 15:36 last edited by@mik said in An interesting way to look at minimum wage.:
@axtremus said in An interesting way to look at minimum wage.:
Seems easy: because one is work while the other one is not.
Wrong. Both are earned.
Yet one produces something, the other does not.
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@mik said in An interesting way to look at minimum wage.:
@axtremus said in An interesting way to look at minimum wage.:
Seems easy: because one is work while the other one is not.
Wrong. Both are earned.
Yet one produces something, the other does not.
wrote on 21 Feb 2021, 15:53 last edited by@axtremus said in An interesting way to look at minimum wage.:
@mik said in An interesting way to look at minimum wage.:
@axtremus said in An interesting way to look at minimum wage.:
Seems easy: because one is work while the other one is not.
Wrong. Both are earned.
Yet one produces something, the other does not.
That's exactly how I feel about your discussions with mik.
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@axtremus said in An interesting way to look at minimum wage.:
@mik said in An interesting way to look at minimum wage.:
@axtremus said in An interesting way to look at minimum wage.:
Seems easy: because one is work while the other one is not.
Wrong. Both are earned.
Yet one produces something, the other does not.
That's exactly how I feel about your discussions with mik.
wrote on 21 Feb 2021, 18:13 last edited by -
@mik said in An interesting way to look at minimum wage.:
Both are earned.
I would have been happy to not pay Social Security tax and put that money into a 401K or other retirement vehicle.
By the way, I don't know about other locations, but Chicago public school teachers don't pay into SS. They have their own retirement plan.
wrote on 21 Feb 2021, 18:21 last edited by@george-k said in An interesting way to look at minimum wage.:
@mik said in An interesting way to look at minimum wage.:
Both are earned.
I would have been happy to not pay Social Security tax and put that money into a 401K or other retirement vehicle.
By the way, I don't know about other locations, but Chicago public school teachers don't pay into SS. They have their own retirement plan.
I didn't pay SS, except on beginning jobs and side work through the years. As such, I am subject to the WEP.
The WEP makes you weep.
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wrote on 21 Feb 2021, 20:47 last edited by Mik
My brother has the same situation. While he has been self employed a lot and paying double, for 19 years he was a state employee at the university. His SS is pitiful.
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My brother has the same situation. While he has been self employed a lot and paying double, for 19 years he was a state employee at the university. His SS is pitiful.
wrote on 22 Feb 2021, 00:06 last edited by@mik said in An interesting way to look at minimum wage.:
My brother has the same situation. While he has been self employed a lot and paying double, for 19 years he was a state employee at the university. His SS is pitiful.
Oh, it gets worse.
My wife is subject to GPO. After I die, her survivor benefits will be $0.
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wrote on 22 Feb 2021, 00:12 last edited by
my dad has a Wisconsin state pension. I think it's six figures. My mom gets it after he passes, from what I understand. White privilege.
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wrote on 22 Feb 2021, 00:37 last edited by jon-nyc
Usually the people that are opted out of SS get more generous pensions from the municipality they’re working for.
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wrote on 22 Feb 2021, 00:57 last edited by
I think the max SS is about $47K per year. (max paid in + wait until age 70).
If the wife also gets max you can make about $95K on SS.
For the 2019 and 2020 tax years, single filers with a combined income of $25,000 to $34,000 must pay income taxes on up to 50% of their Social Security benefits. If your combined income was more than $34,000, you will pay taxes on up to 85% of your Social Security benefits.
