Lol. My first born came home at 15 with first paycheck,furious, and asked me if fica was fuxking income confiscation association.
LOL....I sure wish that had been my first reaction...don’t care if my mouth got washed with soap!
Kudo’s to your kid, I hope he is doing well!
Tell him he is “successful” when he makes enough to stop paying Social security.
That was a happy day when it first happened to me. I had no idea that was possible and called payroll. The payroll woman laughed and told me it was cute that I made that much salary, yet knew so little.
I showed her by getting to that point in March the next year.
My oldest and I were working the same place when he got his first paycheck. He was totally flabbergasted when it was less than he’d calculated he’d be getting.
He had anticipated income taxed but was not prepared for Social Security and Medicare.
I explained SS to him like this: that amount there? That is being taken from your check and being put directly into your grandparents’ SS checks. There is NOT an account with your name on it, set aside for you and waiting somewhere until you retire. From time to time you’ll get a letter from Social Security telling you how much “you” have available. That’s imaginary, OK?
A coworker and I had not long before that about the same subject. He had been looking at what he had been paying in SS as some sort of retirement account. We disabused him of that notion. He was a lot older than my kid, too!