Youâd be forgiven for thinking that 350 on the dial means 350 in the oven. Youâd be wrong, though. When you set an oven to 350 degrees, there isnât a single spot inside of it that stays at 350 degrees for the duration of a bake session.
Employees of foreign governments are generally exempt from paying Social Security taxes on income paid to them as a result of their official responsibilities. As long as the foreign government employee is working in an official capacity on official business related to his employment, he does not have to pay Social Security on his pay.
Copyright Â© 2012 AARP. All rights reserved. Social Security is paid for through taxes. (No surprise there.) But youâre not the only one paying into the Social Security pot: Your employer also pays a portion of your Social Security tax.All that money thatâs taken out of your paycheck today goes to pay the benefits for todayâs retirees.If youâre a wage earner, you pay into the Social Security system straight out of your paycheck. This payroll tax is dubbed âFICA,â which stands for the Federal Insurance Contributions Act.ll that money thatâs taken out of your paycheck today goes to pay the benefits for todayâs retirees. If youâre a wage earner, you pay into the Social Security system straight out of your paycheck. This payroll tax is dubbed âFICA,â which stands for the Federal Insurance Contributions Act.