Ask Experts Questions for FREE Help !
Ask
    Mark00Best's Avatar
    Mark00Best Posts: 1, Reputation: 1
    New Member
     
    #1

    Oct 8, 2009, 03:33 AM
    OASDI/EE tax withdrawn from my paychecks.
    I was wondering if there was a cap on the OASDI/EE withdrawals from my weekly paychecks?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Oct 8, 2009, 08:04 AM
    Yes. Once your annual income hit $104,000, the Social Security withholding STOPS.

    The Medicare tax (at 1.45%) has no income cap on it, however.
    mom101's Avatar
    mom101 Posts: 1, Reputation: 1
    New Member
     
    #3

    Oct 25, 2009, 02:36 PM
    Quote Originally Posted by AtlantaTaxExpert View Post
    Yes. Once your annual income hit $104,000, the Social Security withholding STOPS.

    The Medicare tax (at 1.45%) has no income cap on it, however.
    So, does this mean that everyone stops paying Social Sec. when they have put in $6448 for the year?

    Thanks!
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #4

    Oct 26, 2009, 01:10 AM

    The 2009 limit is $106800, and you stop paying SS tax after paying $6621.60.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #5

    Oct 26, 2009, 07:46 AM
    MukatA is correct; the $104K I quoted was for 2008.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Case Withdrawn? [ 3 Answers ]

If you were charged with theft under and the case was withdrawn by the court, would you still have a criminal record, and would that affect your ability to travel for instance from Canada to the United States? Thanks for any responses!

Employer bouncing Paychecks [ 2 Answers ]

Hi. My current employer has been paying its employees with checks that bounce every time they pay us. No check cashing place will cash the checks anymore because the company owes them money so the only choice we have is to cash them at bank of america(the companys bank) which won't let us cash them...

Paychecks being mailed [ 3 Answers ]

If an employer in Michigan mails paychecks, do the checks have to be in the employee's hands on payday?

Are these paychecks mine to keep? [ 3 Answers ]

Hello, I verbally accepted a position with an insurance company. The agreement was pending a drug test and credit check. In the meantime I went to work for a different company. I never reported to work at the insurance company and then 3 or 4 weeks later I received a paycheck from the insurance...

Taxes withheld from our paychecks [ 2 Answers ]

What is the purpose of collecting taxes from our weekly paycheck?


View more questions Search