Topic: Social Security Be Taxed
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Answers to Common Questions
How is Social Security Taxed?
Social security is represented by the FICA tax that you have taken out of your paycheck. Currently the FICA tax is 7.65% of your pay for employees with a maximum tax of $6,621.60. You only pay social security tax on income up to $106,800. Read More »
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What is Social Security Tax?
Social security tax is what you pay into social security retirement system. This contribution ensures your coverage by the US social security system. Look here for more information: http://www.irs.gov/businesses/small/inte...,,id=104936,00.... Read More »
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What is the Social Security Tax Rate?
The social security tax rate consists of 6.20% for Social Security tax and 1.45% for Medicare tax which totals 7.65%. For 2009, the 6.20% Social Security tax is deducted from an employee's total taxable income up to $106,800. The Medicare t... Read More »
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Answers to Other Common Questions
Anyone who works at a job pays social security taxes. If you work for someone else, you have 6.2% taxes held and given to social security. If you are self employed you will pay 15.3% held and given to social security.
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In 2009, an employee's share of social security tax or FICA is 6.2 percent up to a maximum amount of $6,620.60. Self employed pay 15.3 percent. For more information see here: http://en.wikipedia.org/wiki/Social_Secu...
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The Social Security Tax Cap is $106,800. The Social Secuity Tax rate is 6.20% paid by the employee and the Social Security Tax rate is 6.20% paid by the employer.
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Social Security tax has maximum rate of 6.2% on earnings up to $108,000 for the year 2009. That would be $6696.00 maximum amount of dollars withheld for the year 2009.
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The Social Security tax rate (excluding the Medicare tax) for the year 2009 is 6.20% on the first $106,800 of an employee’s taxable earnings. Taxable earnings includes items such as salaries, wages, and cash bonuses. Since the Social Securi...
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Whether you are a small-business owner or self-employed, you have to know how to calculate Social Security taxes. It's not difficult, but the procedures differ depending on which category you are in. Employers are responsible for half of em...
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Source: http://www.ehow.com/how_4796520_figure-social-security-taxes.html
Social Security is a federal program designed to provide retirement benefits for elderly U.S. citizens. The program is largely funded by a payroll tax, known as the Social Security tax. This tax is a fixed percentage of your income, which v...
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Source: http://www.ehow.com/how_4828711_calculate-social-security-tax.htm...
