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 2016, your employer will collect Social Security taxes at a rate of 6.2% on the first $118,500 of your work earnings. That means that regardless of how much money you make, the amount you could have to pay in Social Security taxes maxes out at $7,347. Your employer has to match your withheld amount with its own 6.2% tax payment out of the employer's own funds.