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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.
What else can I help you with?
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.
What was the Social Security tax for 2001?
The Social Security tax cap for 2001 was $80,400.
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 2009 Social Security tax cap?
$106,800. Remember there is no cap on the Medicare tax.
What is the maximum amount of earnings subject to the Social Security tax for 2010?
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.
How much can you earn before the social security is no longer takern out?
In 2010, wages up to $106,800 are subject to Social Security tax. There is no wage limit on Medicare tax.
Did Social Security withholding go down on payroll checks?
A one-year reduction in Social Security withholding from individuals (not from their employers) was included in the Tax bill that was passed by Congress at the end of 2010. The lost tax income to Social Security will supposedly be paid to the Social Security Trust fund out of general tax revenues.
When will social security check be paid out in May 2010?
No scheduled extra social security check for the 2010 tax year at this time. Go to the SSA gov web site Social Security Online You can click on the below related link
does Mississippi Tax Social Security Income?
does Mississippi Tax Social Security Income
You have already paid the social security max of 6621 for 2010 bu July 1 2010 if you switch employers will they also withhold the employ portion of social security again?
Yes they are required to withhold and match the amounts of your social security and medicare taxes from your gross wages, salary, etc.When you have more than one employer and the combined amounts of the social security tax are more than the 6621.80 maximum amount for the year 2010. When you file the 2010 federal income tax return in the year 2011 you will get a credit for any amount of the social security tax that were more than the maximum social security contribution amount on the 1040 tax form page 2 line 69 Excess social security and tier 1 RRTA tax withheld.You will have a worksheet in the instruction book for this purpose.Go to the IRS gov website and use the search box for Publication 505 go to chapter 3Excess Social Security or Railroad Retirement Tax WithholdingWorksheet 3-1.Excess Social Security---Nonrailroad Employees
What is the maximum Social Security withholding for 2010?
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.
What is the fica taxes for 2010?
Still 6.2% for both employer & employee. Actually, that 6.2% is just for the social security tax portion of FICA. FICA consists of social security and medicare. The total FICA tax is 7.65%, which includes the 1.45% medicare tax. There is currently a limit on the social security tax portion (6.2% of $106,800--which is $6,621.60), while there is no medicare limitation.
