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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.
Wiki User
∙ 13y ago
Wiki User
∙ 14y agoFor 2010 you will pay a maximum of 6621 on 106800 of income for your FICA taxes social security and medicare.
Any amounts of earned income above the 106800 will still be subject to the medicare tax.
Wiki User
∙ 14y agoIt is now June 2009.
The 2010 amounts will not be determined until the end of 2009.
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Did the maximum social security withholding amount increase in 2010?
No. The last increase was in 2008; there will be no change for 2010 or 2011.
What is the 2010 social security withholding amount?
6.2%
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.
What is the 2011 maximum social security withholding amount?
For 2009, the Social Security Withholding tax (OASDI) is 6.20% on wages up to $106,800. Doing the math the maximum social security withholding is $6,621.60. If you have more than one employer in 2009 and your combined earnings exceed $106,800 the combined withholding can exceed $6,621.60 as EACH employer is required to deduct 6.20% of earnings up to $106,800. You will get back any amount over $6,621.60 when you file your taxes as excess social security taxes, or your employer will stop withholding any amounts above $6,621.60 from your paycheck. There is an additional 1.45% for Medicare which has no cap on the amount of withholding. The combined OASDI and Medicare tax of 7.65% is commonly referred to as the Social Security Withholding tax.
Maximum amt of social security in 2010?
For the year 2010 the maximum amount paid in to the old age survivors and disability insurance program (SSB) with one employee would be wages of 106800 and social security amount withheld would be 6621.60 for the year 2010.
What is the maximum you have to pay into social security each year?
For 2009 and 2010 the amounts are 6621.80 maximum contribution amount on 106,800 of your gross earned 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
At what income do you stop paying FICA in 2008?
For the year 2008 the amount was Social Security Limit $102,000 and the Maximum Social Security Contribution was $6,324.00. The date today is July 27 2010 and the following would apply 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 on the MEDICARE insurance contribution amount.
Did Social Security have a COLA in 2010?
No. Congress recently announced there will be no cost of living adjustment (COLA) for Social Security beneficiaries in 2011. The previous lack of adjustment in 2010 means the government will continue paying benefits at 2009 rates.
What are the release dates for Prime Votes - 2010 Social Security 1-2?
Prime Votes - 2010 Social Security 1-2 was released on: USA: 22 October 2010
What is the dollar limit someone can receive from Social Security?
In 2010, the maximum payable benefit is $2,346 per month. This assumes the person reached the full retirement age of 66 in 2010 and made maximum FICA contributions for at least 35 years of his or her working life.
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
