Shaq to UKs soon-to-be pros: FICA will take all your money.

[metroins]

1. No it won't, Shaq is wrong.

FICA comprises of:
OASDI (Old Age Survivors and Disability Insurance -- Social Security) which is 6.20% or 12.40% depending if employed, or self employed
Medicare - primarily Part A -- 1.45% or 2.90%

OASDI is capped at $127,200 of your taxable income in 2017
Medicare has no cap on taxable income

Meaning on $20 million/year, self-employed, you'd pay $15,772.80 maximum in taxes for OASDI and $535,630 for Medicare for a total taxable contribution of $551,402 or less than 3% (2.75%) of your income to fund Medicare and SS, which are for yourself in the future. Medicare has a step-up of 0.9% for higher income individuals.

Then they can tax deduct half of FICA.

The real issue would be their income taxes at the end of the year, not FICA.