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On 16 Feb 2005 09:16:20 -0800, wrote:
John wrote:
The 4% (not 3% as I'd thought) is applied to their *tax*, not their
income.
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Four pecent of 7.5%?
Isn't that about one third of a percent of income?
In other words, a young worker pulling in $50,000 a year would put away
$150.00 per year toward retirement?
Better check your information. If true, tell them not to spend that
princely, compounded sum in any one place. :-)
Well, I just read another article that says, "...up to thirty percent of their
payroll tax."
You're correct, 3% of the tax itself wouldn't amount to much. The thirty percent
of the tax seems much more realistic.
Now it's an even better idea!
John H
On the 'PocoLoco' out of Deale, MD,
on the beautiful Chesapeake Bay!
"Divide each difficulty into as many parts as is feasible and necessary to resolve it."
Rene Descartes
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