Trump Will Owe This Much Social Security Tax in 2021
For more than 80 years, Social Security has been laying a financial foundation for our nation's retired workers. More than 46 million retirees receive a payout each month from the program, with more than 3 in 5 counting on Social Security for at least half of their income.
It's also a program that collects and spends more than $1 trillion a year, with the payroll tax acting as Social Security's funding workhorse.
The 12.4% payroll tax on earned income (wages and salary, but not investment income) was responsible for $944.5 billion of the $1.06 trillion that Social Security collected in 2019. This 12.4% is fully applicable to the self-employed but is split down the middle for workers employed by a company (6.2% paid by the company and 6.2% paid by the worker).
Source Fool.com
