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A W-2 form lists the amount of Social Security taxes that were paid during the year.
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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 ind…ividual is $6,622, the tax on $106,800.
The wage base limit for social security tax withholding for 2008 is $102,000. The withholding is 6.2%, so the maximum per employee for the year is $6,324. Any amount wit…hheld beyond that limit due to multiple employers is available as a credit against your income tax. If one employer erroneously withheld excess social security tax, that employer should make the correction.
They are not subject to the Social Security tax. But they are subject to all other taxes including Medicare tax, federal income tax, and state income tax.
When calculating my tax refund and I am asked to enter the amount of federal taxes paid does that also include withholdings for medicare and social security?
No. Only INCOME Tax estimated or wittholding...payments made toward INCOME tax that you are calculating. By the way, Medicare/SS are considered insurance payments.
Half of the total amount, commonly said to be 7.65%...although that actually includes the little medicare parts too.
The Social Security Act was signed into law on August 14, 1935. It was signed by President Franklin Roosevelt. Taxes were collected for the first time in January 1937. … For more information, go to Social Security History FAQ screen, www.socialsecurity.gov/history/hfaq.html.
The W-2 wage and tax statement that the employer is required to send to the taxpayer before the end of January of the next year after the tax year. Box 4 is Social S…ecurity tax withheld, and Box 6 is Medicare tax withheld.
The percent of social security tax charged and the amount of salary subject to the tax can change from year to year?
Yes that can and does happen in some years. BUT not for 2009 and 2010. July 28 2010.
You may request a statement of your earnings for Social Security from the SSA in person at one of their offices, by mail, or through the internet at their website.
If you were a employee and had a employer you can use the below information for your situation. Firms and workers file Form SS-8 to request a determination of the status of a …worker for purposes of federal employment taxes and income tax withholding. A Form SS-8 determination may be requested only in order to resolve federal tax matters. If Form SS-8 is submitted for a tax year for which the statute of limitations on the tax return has expired, a determination letter will not be issued. The statute of limitations expires 3 years from the due date of the tax return or the date filed, whichever is later. The IRS does not issue a determination letter for proposed transactions or on hypothetical situations. We may, however, issue an information letter when it is considered appropriate. The above information come from the Form SS-8 page 4 and it is available by going to the IRS gov web site and using the search box SS-8 You can click on the below related link
Social security is basically when the government takes a certain percentage of money from the working generation and gives it to the retired generation. When the working gener…ation become retired, they receive social security. Social security started after the Great Depression, when the government needed to make sure that people had money stored away to live after they stopped working. People get certain amounts of social security depending on how much they and their spouses worked as young people, as well as what jobs and how much they gave to social security. The current problem with social security is that the baby boomers are now becoming retired, and there are more of them than the current generation of working people. There is not enough money to support these retiring people, and unless the government subsidies social security or takes other measures, it is likely to fall apart before people currently in their 30s and 40s become retired. So basically, the idea of how social security works is that you put away money and you will get that money when you retire.
Can a person that has paid in to Social Security for years then goes to prison collect Social Security?
No. Social Security does not pay prisoners.
check with social security adminstration office.
You can find the amount that you paid in Medicare tax on your W-2 form that you receive at January of the following year. The amount of Wages the tax was based on is listed …in Box 5 and the tax paid is in Box 6. Medicare tax is imposed upon all wages paid to an employee. Social Security Tax is limited to the first $110,100 for 2012 and $113,700 in 2013. The Medicare tax is imposed on all wages earned.