Question about payroll taxes... | TigerDroppings.com
Posted by
Message
pleading the fifth
New Orleans Pelicans Fan
Member since Feb 2006
2161 posts

Question about payroll taxes...

With the new increase in Social Security tax from 4.2% to 6.2% it made think about this question: if the cap is at $113,700 for 2013 do you pay 6.2% on your monthly/biweekly income (paycheck) until you reach this threshold after which point you no longer are subject to Social Security taxes?

For example, someone who earns $25,000 monthly would reach the cap in 5 months, do they not pay Social Security tax for the 7 months after that?


Nawlens Gator
Florida Fan
louisiana
Member since Sep 2005
2581 posts

re: Question about payroll taxes...

That is correct. Once you hit the cap they stop taxing your pay.



pleading the fifth
New Orleans Pelicans Fan
Member since Feb 2006
2161 posts

re: Question about payroll taxes...
Thanks



Replies (0)
Replies (0)
VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
12951 posts

re: Question about payroll taxes...
quote:

With the new increase in Social Security tax


An FYI. There's nothing new about it. It's rolling back to what it had been. The 2% reduction was an Obama stimulus for two years.


Replies (0)
Replies (0)
Page 1 of 1

Back to top

Follow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram