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.
No cap on the amounts below the 106800 amount of income that will be subject to the social security tax.
All of the amounts below the 106800 is subject to the SS withholding taxes and also the medicare tax.
The 2011 cap is the same as in 2010 at $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.
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.
The Social Security tax cap for 2001 was $80,400.
The Social Security tax cap for 2006 was 6.2% of the first $94,200 of wages.
$106,800. Remember there is no cap on the Medicare tax.
In 2010, wages up to $106,800 are subject to Social Security tax. There is no wage limit on Medicare 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.
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.
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
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
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.
Social Security tax withheld from employees during the year 2010 will be 6.2% of the first $106,800. So, once you've paid $6,621.60 (6.2% x $106,800), you will be done contributing for 2010.