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Tax geeks, I need to know how the payroll tax works?
I am estimating at this point that I will make in the ballpark of 120,000 this year. Now, Social Securtiy takes 12% of my check up to 102,000, does that mean my EMPLOYER will (or should) stop taking the deduction from my earnings at 102,000 or do they keep taking it? I've never made more than 20,000 a years, so I really have no idea how this works. Any help will be greatly appreciated.
3 Answers
- Anonymous1 decade agoFavorite Answer
yes, they should, their payroll system should be set up to automatically stop when it hits the s.s. max
- ?Lv 44 years ago
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- Bostonian In MOLv 71 decade ago
Social Security takes 6.2% of your paycheck up to $102k in 2008. The deductions will stop entirely once you hit $102k and will re-start again in January.
Medicare takes 1.45% of all wages so it will not stop.
Your employer makes matching contributions out of his pocket. The SS will stop on his end once your pay hits $102k and will then re-start in January.
