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If income is earned in the year of full retirement age, the 2008 income threshold is $36,120. If income is earned prior to the year of full retirement age, the 2008 income threshold is $13,560. After those thresholds are reached, social security benefits are reduced.
The excess earnings reduction is $1 of Social Security benefits for every $2 of earnings over the lower threshold for people who are not yet in the year they reach full retirement age. In the year a person reaches full retirement age, the excess earnings reduction is $1 of Social Security benefits for every $3 of earnings over the higher threshold. During the month of reaching full retirement age and thereafter, beneficiaries can earn an unlimited amount without a reduction in their Social Security benefits.
Wiki User
∙ 15y ago
Wiki User
∙ 15y agoThe 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. I have not found anything saying the limit has changed for 2009 yet. And presumably, it won't change by much.
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Each year the government establishes an income cap for .?
Social Security Taxes
At what income do you stop paying FICA in 2008?
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.
What was the Social Security tax cap for 2006?
The Social Security tax cap for 2006 was 6.2% of the first $94,200 of wages.
What was the Social Security tax for 2001?
The Social Security tax cap for 2001 was $80,400.
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 is the 2012 social security cap?
In 2012, the maximum taxable earnings for Social Security are $110,100.
What is the 2011 social security cap?
106,800
When did they first put a cap on social security?
1992
What was the 2009 Social Security tax cap?
$106,800. Remember there is no cap on the Medicare tax.
What is present annual cap on social security earnings?
300000
When was the Social Security tax cap last changed?
The Social Security tax cap was last raised in 2009, increasing 4.7% from $102,000 to $106,800. It remains unchanged for 2010 and 2011.
Do you have to pay taxes on your social security check?
There is a means test to determine your total annual income and if it exceeds that amount you will have to pay on the additional amount. You can find it in the tax booklet or on line by typing in the question do I have to pay taxes on social security income. Generally speaking, most people don't if social security is their only income. However you may still need to file a return.
