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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.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoFor the 2010 tax year, the answer depends on your age and whether you're drawing Social Security benefits for retirement or disability.
Retirement
If you've reached full retirement age (65 for people born prior to 1943; 66 for people born between 1943 and 1954), there is no limit to how much you can earn.
In the year you reach full retirement age, you can earn $37,680 annually, but for every $3.00 over the limit, $1.00 is withheld from your benefits until the month your reach full retirement age.
If you are under full retirement age, you can earn $14,160 per year without incurring a penalty. For every $2.00 over the limit, $1.00 is withheld from benefits.
Disability
People on disability can earn up to $1,000 per month ($12,000 per year) for most disabilities, or $1,640 per month ($19,680 per year) for anyone legally blind. Earning more than these limits would be considered engaging in Substantial Gainful Activity (SGA), would trigger a continuing disability review, and likely result in an end to the person's disability status with Social Security.
Any month a disabled person earns more than $720.00 is counted toward the nine-month trial work period, and may result in a continuing disability review (CDR).
Wiki User
∙ 13y agoIn 2010, the maximum individual benefit is $2,346. This assumes the person retires at the full retirement age of 66, and has made the maximum FICA contribution every year since age 21, an unusual scenario.
The average monthly payment at the beginning of 2010 was $1,164.00.
Wiki User
∙ 13y agoSocial Security's Old-Age, Survivors, and Disability Insurance (OASDI) program limits the amount of earnings subject to taxation for a given year. The same annual limit also applies when those earnings are used in a benefit computation. This limit generally increases each year with increases in the national http://wiki.answers.com/AWI.html. We call this annual limit the contribution and benefit base. For earnings in 2011, this base is http://wiki.answers.com/cbbdet.html.
The OASDI http://wiki.answers.com/../ProgData/taxRates.htmlfor wages paid in 2011 is set by statute at 6.2 percent for employees and employers, each. Thus, an individual with wages equal to or larger than $106,800 would contribute $6,621.60 to the OASDI program in 2011, and his or her employer would contribute the same amount. The OASDI tax rate for self-employment income in 2011 is 12.4 percent.
Wiki User
∙ 13y agoThat information won't be available until 2018.
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What percentage of income is withheld for social security by the federal government?
Social Security also known as FICA is taxed at 6.2% of income. Medicare is taxed at 1.45%.
What is the minimum age for salary income to be taxed?
If you have a Social Security Number, you can be taxed regardless of your age.
Understanding Your Taxable Social Security Benefits?
These days, there are many elderly people who depend on social security as a main source of income. For some people, social security benefits are their only form of income. If this is your case, then you will not be required to pay taxes on your social security benefits. Social security benefits that are the only source of income for an individual do not need to be taxed. However, if your modified adjusted gross income exceeds the limit set forth by the IRS, then your social security benefits will be taxed. For a single person, the income amount is set at $25,000.
How much social security do you pay after you make 106 800?
You are not taxed at all for Social Security on annual income above $106,800.
Are earnings in excess of the social security base amount are not taxed?
They are not subject to the Social Security tax. But they are subject to all other taxes including Medicare tax, federal income tax, and state income tax.
What are Barack Obama's views on social security?
If he is elected he wants to increase the amount of income that is taxed to provide monthly social securitry benefits. He believes that social security is the most important social program in the country
Who was president when social security was taxed?
ReganIt is taxed NOW, if the recepient receives above an amount of income otherwise.It USED to be not taxed.
How is social security taxed after age 75?
Age, whether it be young or old, is irrelevant to your taxability. Social Security IS taxable income, although there is a calculation that makes much of it, if not all of it, NOT actually taxed for many, depending on the amount of SS received AND other income sources (like interest, retirement, Pensions, etc)
What is the maximum tax withheld for social security?
Social security contributions continue each working year, and do not stop at some lifetime limit. For example, the lifetime accumulated maximum someone has paid if working since 1963 would be $123K. That would require the person makes at least the maximum taxed income each year, which was $109,000 for 2009. Source documentation may be found at http://www.ssa.gov/history/pdf/t2a3.pdf
If outside income does not exceed 19850 is social security taxed?
A taxpayer filing single has at least 19850 of income and receives at least 10500 or more of social security benefits would have to include from 50% to 85% of the SSB in the taxable income on the 1040 tax form and it would be added to all of the other taxable gross income and taxed at the marginal tax rate. Go to the IRS.gov web site and use the search box for PUBLICATION 915 (2009), Social Security and Equivalent Railroad Retirement Are Any of Your Benefits Taxable?
If you are on a disability retirement pension from government service which is not taxed will social security income be affected?
Yes it could affect the amount of your SSB that could become taxable income on your 1040 income tax return.
How will getting married affect your Social Security Disability benefits?
You will have to pay taxes on your benefits, and any other income you have. And unless you have money taken out of your benefit checks for tax purposes, (which you wouldn't because they don't normally tax them) you get hit with a huge tax bill in April. It is a bad financial move to get married while receiving Social Security Disability insurance. You will not be taxed if your combined income is $34,000.00 per year or less. If the combined is more, your Social Security Disability Income can be taxed up to 10% of your yearly earnings.
