what percentage of your paycheck gets taxed
The portion that goes to the elderly is called FICA. Short for the Federal Insurance Contributions Act, FICA funds Social Security and Medicare programs that protect our elderly. What it means for you is that in 2011, 1.45% of your paycheck goes to Medicare and 4.2% will go to fund someone's Social Security. In 2012, you'll actually pay 6.2% for someone else's Social Security.