I suspect you mean wages subject to the FICA contribution/payment. (The payment is generally NOT deductible in determining taxable income). The maximum amount of wages subject to the social security tax for 2007 is $97,500. There is no limit on the amount of wages subject to the Medicare tax. === === The maximum amount of wages subject to the social security tax for 2008 is $102,000. There is no limit on the amount of wages subject to the Medicare tax. 2009 The maximum amount is $106,800, no limit to the medicare tax. Remember. the wage to be taxed is determined using different definitions of income than in other things (like income subject to income tax).
Social Security retirement checks are subject to FICA taxes (Social Security and Medicare taxes) unless an individual has already reached the maximum taxable earnings limit for the year. Once the maximum limit is reached, no further FICA taxes are deducted from the retirement checks.
The earnings limit for Social Security in 2014 is $15,120/yr. ($1,260/mo.)One dollar in benefits will be withheld for every $2 in earnings above the limit.
The amount you can contribute depends on your RRSP deduction limit. You can find your deduction limit by looking at your 2011 Tax Return. Your RRSP deduction limit is the amount of RRSP contributions that you can deduct on your tax return for a given year.
no, no limit
15500
=== === The maximum amount of wages subject to Social Security tax for 2008 is $102,000. There is no limit on the amount of wages subject to Medicare tax.
The time limit for billing Medicare depends on when you receive the service. It can be between 15 months and 27 months. It is advised to call 1-800-Medicare to find out the exact time limit for filing your claim.
$15,120
In 2009, you will pay the regular state and federal tax rates on all of your income, including your self-employment income. In addition, you will pay a Social Security tax of 12.4% on the first $106,800 of your net self-employment earnings (reduced by other earnings subject to SS) and a Medicare tax of 2.9% of your net self-employment earnings with no limit. You should also investigate whether you need to make quarterly estimated tax payments to avoid possible penalties for underpayment.
The maximum amount of wages subject to the FICA-Social Security tax for 2009 is $106,800. There is no limit on the amount of wages subject to the FICA-Medicare tax.
Your wife earnings will NOT be counted as a part of your earnings for the social security earnings test.
$5000 per family