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.
You pay into the system when youâre young and withdraw when you reach retirement age. The amount that is withheld from your paychecks depends on how much you earn, up to a threshold of $127,200. Basically, the government takes 12.4% of your wages in the form of Social Security taxes. You end up paying half of that, 6.2%, and your employer pays the other half. If youâre self-employed, youâre on the hook for the full 12.4%.