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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.
If you have more than one employer and your combined wages reported on your W-2 are more than the 106800 amount and your 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 when you file the 2010 tax return in the year 2011.
For the individual taxpayer that is filing the 1040 federal income tax return does NOT get a deduction for the FICA (social security taxes) that are withheld from the taxpayers earnings for the year.
If you have more than one employer and your combined wages reported on your W-2s are more than the 106800 amount and your withheld social security tax 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 when you file the 2009 income tax return this year in 2010 or the 2010 tax return in the year 2011.
What else can I help you with?
How can I stop withholding from my Social Security benefits?
To stop withholding from your Social Security benefits, you can contact the Social Security Administration and request to change your withholding status. This can be done by filling out a form or contacting them directly.
Are wages paid to a social security recipient subject to FICA withholding?
are employees that are currently receiving social security and medicare benefits subject to fica withholding
What is the 2010 social security withholding amount?
6.2%
How much does social security cost per year?
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.
Are Pension Distributions subject to Social Security withholding taxes?
NO
What tax withholding is required by the federal government?
social security tax
Which tax withholding is required by the federal government?
SOcial Security Tax:D
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.
How much people get from social security depends on what?
The 35 years that they had the highest income that was subject to the social and medicare tax withholding. You can find information about your possible social security benefits in future years by going to the SSA gov web site Click on the below Related Link
What is the total amount of the social security bonus that I am eligible to receive, given that it is calculated to be 15,978?
The total amount of the social security bonus you are eligible to receive is 15,978.
How long has the social security withholding rate been 6.2 percent?
1990
How long do you have to work in order to be eligible to collect Social Security benefits?
In order to be eligible to collect Social Security benefits, you generally need to have worked and paid Social Security taxes for at least 10 years, or 40 quarters.
