Starting with 2011 it was $106,800
The tax is payable on the first $106,800 of earnings. Earning are defined slightly differently for this than what is used for withholding, (or other things). Additionally, a portion of what was a total of 15.3% tax (half employer paid, half employee), is dedicated to Medicaid and has no maximum earnings.
HOWEVER:
Under current law, employees pay a 6.2% Social Security tax on all wages earned up to $106,800 (in 2011) and self-employed individuals pay 12.4% Social Security self-employment taxes on all their self-employment income up to the same threshold.
For 2011, the Senate passed 2010 Tax Reform Act gives a two-percentage-point payroll/self-employment tax holiday for employees and self-employeds. As a result, employees will pay only 4.2% Social Security tax on wages and self-employment individuals will pay only 10.4% Social Security self-employment taxes on self-employment income up to the threshold.
Adding info for 2012: which because of the discount allowed in how they were paid the previous year, will be felt by many more people).
Generally, FICA taxes are collected at a rate of 7.65% on gross earnings, which are earnings before any deductions are taken. The breakdown of FICA is 6.2% for Social Security (Old-Age, Survivors, and Disability Insurance or OASDI) and 1.45% for Medicare. The following table shows the FICA limits for 2005 through 2012:
2012 FICA Tax and Social Security LimitsNote: In 2011, the FICA tax rate for employees was lowered to 5.65%. The employer tax rate remained unchanged, while the Social Security rate for employees was lowered to 4.20%.
The maximum savings for 2011 will be $2,136 (2% of $106,800).
There is no age limit on paying income taxes. It is based on your income. http://taxresolutionaries.blogspot.com
income limit for assessment year 2009-10
Requirements to file taxes is not based on age but income. If your income is below a certain amount, you do not have to file.
That won't be known until the last quarter of 2009.
Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. Additionally, New Hampshire and Tennessee limit their state income taxes to only dividends and interest income.
U will see whether it is taxable or below taxable limit. As long it is beyond taxable limit, u will have to pay tax on taxable income on prescribed rates. If all the income is below taxable limit, no tax to be paid
The income limit on Roth IRA contributions exists to ensure that high-income individuals do not disproportionately benefit from the tax advantages of the account. This limit helps maintain the intended purpose of the Roth IRA as a retirement savings vehicle for a broader range of income levels.
The limit is 25% of your weekly disposable income.
There is no age limit on paying income taxes. It is based on your income. http://taxresolutionaries.blogspot.com
Depending on which country!
16500
income limit for assessment year 2009-10
Yes, you can collect Social Security and unearned income at the same time. There is no limit to the amount of unearned income (from investments, pensions, rental income, etc.) that you can receive while collecting Social Security retirement benefits. You are limited to how much earned income you can have (from wages or salary) if you are collecting Social Security before you reach your full retirement age, but there is no limit to the amount of unearned income you can have.
2 laks
in this instance a ceiling would indicate a limit
Penis.
Credit limit is determined by the information given to the company during their application. The person's income and credit score play a big part in the limit.