The 2010 cap is $106,800.00, which would result in 6621.60 (6.2%) being withheld.
There is no cap on the Medicare insurance contribution amount, so the 1.45% amount will continue to be withheld on all earnings, and will be matched by your employer at 1.45% for a total 3.90% for the year.
Your wife earnings will NOT be counted as a part of your earnings for the social security earnings test.
15500
In 2012, the maximum taxable earnings for Social Security are $110,100.
The earnings limit for Social Security in 2014 is $15,120/yr. ($1,260/mo.)One dollar in benefits will be withheld for every $2 in earnings above the limit.
$15,120
From the employer to the employee no difference gross pay earnings and social security wages earnings would be the same thing.
Your employer does that and they deduct automatically.
300000
Your Social Security benefits are calculated based on your earnings over your working years. The Social Security Administration uses a formula that takes into account your highest 35 years of earnings, adjusts them for inflation, and then calculates your average monthly earnings. This average is used to determine your monthly benefit amount when you become eligible to receive Social Security benefits.
In 2016, the maximum taxable earnings for Social Security tax was $118,500. Any earnings above this threshold were not subject to Social Security taxes.
Social Security benefits are the same no matter what state you live in. Social Security retirement benefits are based on your earnings record or "credits" and your age.
Go to your social security department and ask about your benefits for 2014 . The Social Security Statement provides information about your earnings history and estimates of your Social Security benefits.