What is the gross annual salary subject to social security tax called?

Answer 1

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 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.