One reason: You pay for it. And, despite what many Americans believe, it’s “definitely a misconception” that it will run out before you retire, experts say.
The U.S. tax system is a "self-assessment" model: upon determining how tax provisions apply to their transactions, taxpayers pay any tax due, and report the transactions to the I.R.S.
If you earn a paycheck in the United States, you've probably seen "FICA" somewhere among the taxes, but might not have known what it means. See: Unclear on Social Security Benefits? These Are the 4.
IRS overlooked billions in taxes from S corp execs accountingtoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from accountingtoday.com Daily Mail and Mail on Sunday newspapers.