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College and University Discussion
Reply to "Middle class families - Are you willing to take on a ton of debt for a top college?"
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[quote=Anonymous][quote=Anonymous]I understand that self employed people have to pay their own Social Security, Medicare contributions and health insurance, and yes it is more than what let's say Fed pays. But, taxes do not count towards health care no matter your employment status, we pay over 15K just our own share of health insurance with gov paying amount too, SS is also added and not in taxes. So, self employed people pay more in the end, but the rest do not count their health care and SS with their taxes. Correct me if I am wrong?[/quote] I was curious and ran an impossible scenario with two self employed parents (125k net income each), one kid, paid off house (so only property taxes are deductable), no other deductions. All in Federal (including SS and Medicare), State and property gets you to 40%. [/quote]
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