For 2010, the earnings maximum will remain at $106,800. The same as it was for 2009 FICA.
In 2009, $106,800 for Social Security. No maximum for Medicare.
You cannot stop paying into the FICA fund as long as your are a US Citizen or resident alien and have any earned income form providing your services to earn the income.
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.
There is no age limit on paying income taxes. It is based on your income. http://taxresolutionaries.blogspot.com
For the year 2008 the amount was Social Security Limit $102,000 and the Maximum Social Security Contribution was $6,324.00. The date today is July 27 2010 and the following would apply 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 on the MEDICARE insurance contribution amount.
In 2009, $106,800 for Social Security. No maximum for Medicare.
You cannot stop paying into the FICA fund as long as your are a US Citizen or resident alien and have any earned income form providing your services to earn the income.
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.
There is no age limit on paying income taxes. It is based on your income. http://taxresolutionaries.blogspot.com
For the year 2008 the amount was Social Security Limit $102,000 and the Maximum Social Security Contribution was $6,324.00. The date today is July 27 2010 and the following would apply 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 on the MEDICARE insurance contribution amount.
You will NEVER be able to STOP paying income tax on your SSB amount as long as you are still breathing and you other sources of gross worldwide income and tax exempt interest and dividends that you are required to report on your 1040 federal income tax return.
10/01/2010
FICA tax or Social Security taxes are withheld from taxes at the rate of 6.2% of your gross income until your income reaches $113,700 for the tax year. You only pay this tax on the first $113700 of income for the year. Your medicare tax rate of 1.45% will be applied to all income your earned for the year, and it doesn't have a cap limit.
Well They stopped paying it when Hitler was Chancellor, but then after WW2 they had to start paying it back again and finished in 2010.
No. If she has a very low amount of income, she might not need to pay tax, but you don't get to stop just because you're a widow or because of age; whether you need to pay or not is entirely dependent on how much your income is.
I have an employee over 70 years of age, can she stop withholding her FICA taxes? (Social Security) Thank you
You have to file a consent order to terminate the income deduction order.