Titanic Facts: The Ship. White Star Line was the company that built the Titanic, and was owned by J.P. Morgan, an American tycoon. The cost to build the RMS Titanic was $7.5 million. RMS stands for Royal Mail Steamer. It took 3,000 men two years to build the Titanic.
Workers and employers pay for Social Security. Workers pay 6.2 percent of their earnings up to a cap, which is $118,500 a year in 2015. (The cap on taxable earnings usually rises each year with average wages.) Employers pay a matching amount for a combined contribution of 12.4 percent of earnings.
For more information, go to Social Security's website. Q: How much money does the federal government collect from taxes on Social Security, and what happens to that money? A: In 2012, Social Security beneficiaries paid a total of $45.9 billion in income taxes on their benefits. The Social Security Trust Funds, from which benefits are paid, received $27.3 billion, while the Medicare Hospital Insurance Fund (HI) got $18.6 billion. These deposits accounted for 3.2 percent of the year's income for the Social Security Trust Funds and 7.7 percent of the income of the HI trust fund.