0
What is the highest amount of income eligible for Social Security withholding?
Wiki User
∙ 13y ago
For the year 2010, 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.
You do NOT have any cap LIMIT on the MEDICARE insurance contribution amount so the 1.45% amount will continue to be withheld on your earnings over the above limit and will be matched by your employer at the 1.45% amount for a total 3.90% of all of your earned income for the year.
If you have more than one employer and your combined wages reported on your W-2 are more than the 106800 amount and your withheld social security amount is more than the 6621.60 then you would get a tax credit for the amount that is over the 6621.60 on your federal income tax return when you file the 2010 tax return in the year 2011.
For the individual taxpayer that is filing the 1040 federal income tax return does NOT get a deduction for the FICA (social security taxes) that are withheld from the taxpayers earnings for the year.
If you have more than one employer and your combined wages reported on your W-2s are more than the 106800 amount and your withheld social security tax amount is more than the 6621.60 then you would get a tax credit for the amount that is over the 6621.60 on your federal income tax return when you file the 2009 income tax return this year in 2010 or the 2010 tax return in the year 2011.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Are wages paid to a social security recipient subject to FICA withholding?
are employees that are currently receiving social security and medicare benefits subject to fica withholding
What is the 2010 social security withholding amount?
6.2%
How much does social security cost per year?
For 2008, the maximum social security tax withholding for an individual is $6,324, the tax on $102,000. For 2009, the maximum social security tax withholding for an individual is $6,622, the tax on $106,800.
Are Pension Distributions subject to Social Security withholding taxes?
NO
Which tax withholding is required by the federal government?
SOcial Security Tax:D
What tax withholding is required by the federal government?
social security tax
Did Social Security withholding go down on payroll checks?
A one-year reduction in Social Security withholding from individuals (not from their employers) was included in the Tax bill that was passed by Congress at the end of 2010. The lost tax income to Social Security will supposedly be paid to the Social Security Trust fund out of general tax revenues.
How much people get from social security depends on what?
The 35 years that they had the highest income that was subject to the social and medicare tax withholding. You can find information about your possible social security benefits in future years by going to the SSA gov web site Click on the below Related Link
How long has the social security withholding rate been 6.2 percent?
1990
Can you get soicial security off your dad if he was in the army and retired?
Military personnel do not pay FICA and are not eligible for Social Security unless they have at least 40 credits of civilian work. The children of a Social Security beneficiary are eligible for Social Security only until age 18.
Are you able to draw Social Security in Alaska?
Only if you are eligible.
When are you eligible for social security benefits?
You have to be someone that is at least 62.
