Give workers the option on whether to participate in social security. Any worker choosing not to participate will no longer be required to pay social security taxes and not be eligible for any social security benefits. However, employers will still be responsible for social security taxes on these employees unless self-employed. Also, anyone elected not to participate in social security shall be require to contribute a set percentage into some other form of retirement. Employers should also be able to reduce social security tax liability by matching employee contributions. The current tax rate for social security is 6.2% for employee and 6.2% for employer. That is a total of 12.4%(Up to $118,500). By applying that 6% to their own 401k could give them an additional million or more.
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