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Did the maximum social security withholding amount increase in 2010?
Wiki User
∙ 13y ago
No. The last increase was in 2008; there will be no change for 2010 or 2011.
Wiki User
∙ 13y ago
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What is the maximum 2004 social security withholding?
For the year 2004 the maximum earnings subject to the 6.2% social security tax was 87,900. For the year 2004 the amount was 5449.80 maximum contribution amount to the OASDI program social security benefit program.
What was the 1994 maximum Social Security withholding amount?
In 1990, the Social Security contribution base was $51,300. One Social Security work credit cost $520 in earned wages, for a maximum of four credits per year at $2080.
What is the 2010 social security withholding amount?
6.2%
What is the 2011 maximum social security withholding amount?
For 2009, the Social Security Withholding tax (OASDI) is 6.20% on wages up to $106,800. Doing the math the maximum social security withholding is $6,621.60. If you have more than one employer in 2009 and your combined earnings exceed $106,800 the combined withholding can exceed $6,621.60 as EACH employer is required to deduct 6.20% of earnings up to $106,800. You will get back any amount over $6,621.60 when you file your taxes as excess social security taxes, or your employer will stop withholding any amounts above $6,621.60 from your paycheck. There is an additional 1.45% for Medicare which has no cap on the amount of withholding. The combined OASDI and Medicare tax of 7.65% is commonly referred to as the Social Security Withholding tax.
What was maximum social security withholding history?
When you have one employer the amount of FICA ((OASDI) Old Age Survivor and Disability Insurance) for your social security would stop once your wages with the withheld social security amount reach 106800 and social security amount withheld would be 6621.60 If you need other information about the social security history you use the below enclosed website address to start with for some history. socialsecurity.gov/kids/history.htm
What is the max social security withholding for self employed per year?
You do not have anyone withholding social security and medicare taxes from a self employed taxpayer income. If you are a self employed taxpayer then you are responsible for all of your own FICA self employment taxes of 15.3% plus any income taxes on your net profit from your business operation at your marginal tax rate. Your first 106800 maximum amount of net profit from the business operation will be subject to the social security tax and your maximum social security payment amount would be 6621.60 All of your net profit from your business operation will be subject to the Medicare tax of 2.90% with no cap.
Why is there no maximum contribution limit or cap on medicare?
Because that is the withholding tax rules for the insurance program that the contribution amount are paying for.
When do you max out paying your withholding tax?
None, of course. Just like there is maximum amount of tax you can pay - based on their is no maximum amount of income you can earn....all withholding is how you pay the tax in installments when an mployee...if you weren't an employee, but self employed...you would have to make estimated tax payments at least quarterly...and there is no max on that either.
Is the Max Social Security withholding changing?
Yes, the amount that is the cap on applicable wages is going up, as it does just about every year.
Does Obama's plan reduce the dollar amount of social security withholding for those making beyond the 106800 max In other words will the max dollar amount still be 6221?
no
How do you get a refund for over payment of social security withholding?
When filing your federal tax return, use form 1040. In the 'payments' portion on page 2, there is a line to enter your excess social security withheld. Enter the extra amount paid in there. This will either increase your refund or lower your liability. You can amend a return already submitted if you did not do this.
Can you work while receiving social security disability If so, what is the maximum amount income allowed?
While receiving social security disability benefits, the maximum amount of additional monthly income allowed from working is $900 a month gross.
