Question about payroll taxes... | TigerDroppings.com
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pleading the fifth
New Orleans Pelicans Fan
Member since Feb 2006
2061 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
2558 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
2061 posts

re: Question about payroll taxes...
Thanks



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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
12649 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.


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