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Yes.
For tax year 2007, FICA stops being taken out on wages at $92,500. Wages received over that amount are not taxed. Sharon http://taxresolutionaries.blogspot.com
For 2010, the earnings maximum will remain at $106,800. The same as it was for 2009 FICA.
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.
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.
Yes.
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
For tax year 2007, FICA stops being taken out on wages at $92,500. Wages received over that amount are not taxed. Sharon http://taxresolutionaries.blogspot.com
The employer is not required to give you paid time off. I am unaware of how he could "stop" you from taking unpaid time off. Any firing would be susceptible to a challenge.
For 2010, the earnings maximum will remain at $106,800. The same as it was for 2009 FICA.
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.
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.
I have an employee over 70 years of age, can she stop withholding her FICA taxes? (Social Security) Thank you
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
In 2009, $106,800 for Social Security. No maximum for Medicare.
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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.