The Social Security tax cap for 2006 was 6.2% of the first $94,200 of wages.
The Social Security tax cap for 2001 was $80,400.
$106,800. Remember there is no cap on the Medicare tax.
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.
does Mississippi Tax Social Security Income
No. Massachusetts is not one of the fourteen states that tax Social Security benefits.
No, you do not pay Social Security tax on your retirement benefits.
yes
no im pretty sure you have to be 18 to pay social security tax
Social Security is a federal program. It is a federal "tax" not a state tax.
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.
Social security tax
For 2008, the maximum social security tax withholding for an individual is $6,324, the tax on $102,000. For 2009, the maximum social security tax withholding for an individual is $6,622, the tax on $106,800.