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Is the social security tax cap 106800 per worker or per family?
106800 is the amount of earned income that an individual would pay social taxes on in the year 2009.
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 2010 social security withholding amount?
6.2%
When does FICA stop being withheld in paychecks?
When you have one employer the amount of FICA 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 have more than one employer and your combined wages reported on your W-2 are more than the 106800 amount and your the 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.
Maximum amounts of earnings subject to FICA taxes?
When you have one employer the amount of FICA 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
What percentage of your paycheck is withheld for fica over 90000 dollars?
Employee amount for the Medicare tax is 1.45% on all wages. For the OASDI (SS) amount the amount of tax is 6.2% equal 7.65% total up to the 106800 of wage limit amount for the 2009 and 2010 tax year. When you have one employer the amount of FICA 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
What is the maximum Social Security withholding for 2010?
The 2010 cap is the same as in 2009, $106,800.00, at which point the Social Security amount withheld would be $6,621.60 (6.2%). There is no cap on the Medicare insurance contribution, so the 1.45% amount will continue to be withheld on all earnings, and will be matched by your employer at the 1.45% rate for a total 3.90% for the year.
Stop paying social security tax when you make?
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
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.
What is the 2010 Social Security tax cap?
The 2010 cap is the same as in 2009, $106,800.00, at which point the Social Security amount withheld would be $6,621.60 (6.2%). There is no cap on the Medicare insurance contribution, so the 1.45% amount will continue to be withheld on all earnings, and will be matched by your employer at the 1.45% rate for a total 3.90% for the year. For more information, click on the Related Link, below.
What is the highest amount of income eligible for Social Security withholding?
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.
Maximum amt of social security in 2010?
For the year 2010 the maximum amount paid in to the old age survivors and disability insurance program (SSB) with one employee would be wages of 106800 and social security amount withheld would be 6621.60 for the year 2010.
