Social Security advocates are nervous about President-elect Joe Biden. Should they be?
But only $650,000 of that sum was in salary. The rest was in stock grants of $276.6 million and charges of about $3.35 million for personal use of company aircraft — none of it subject to Social Security taxes. Pichai’s effective Social Security payroll tax rate on his 2019 income: 0.003%.A few words about Social Security taxes.
The payroll tax is separate from income tax because Social Security’s drafters saw value in endowing it with an independent revenue stream. All contributors to the program are eligible to receive benefits, but they’re generally progressive — worth more as a percentage of income to lower-income workers than the wealthy.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.