Is there social security tax deduction based on Dependent or based on Income ? We both are working in FL.Income above 100K.

It's a percentage of income up to a certain dollar amount.

"If you work for an employer, 6.2% of your wages is withheld and your employer deposits the withholding, along with its 6.2% matching contribution, with the government for the Social Security programs. In 2010, the employee tax and matching contribution stop after the first $106,800 of wages. In addition if you work for an employer, 1.45% of your wages is withheld and the employer makes a matching 1.45% contribution to the Medicare program, making the total withholdings at 7.65% (6.2% OASDI and 1.45% Medicare). However, all wages are subject to the Medicare tax; there is no ceiling."

Social security tax - who pays it?

So its nothing to do with dependent Size right ?

. I am working for company so my employer is paying their part

Thanks for answer me

-tejas

Quote:

---

Originally Posted by mafs30

So its nothing to do with dependent Size right ?

. i am working for company so my employer is paying their part

thanks for answer me

-tejas

---

Yes, if you read what I quoted it's a percentage of income and NOTHING else.

Both Social Security and Medicare are true FLAT taxes. Each employee pays 6.2% to Social Security and 1.45% to Medicare.

Social Security has a cap of (I believe) $106,400, whereas Medicare has no cap at all.

PREDICTION: The Social Security cap will eventually be removed, probably before the end of the Obama Administration, because it is the only really viable method of keeping the Social Security Trust Fund from going bankryupt.