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Question about payroll taxes...
Posted on 1/2/13 at 12:52 pm
Posted on 1/2/13 at 12:52 pm
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?
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?
2
Posted on 1/2/13 at 12:56 pm to pleading the fifth
That is correct. Once you hit the cap they stop taxing your pay.
Posted on 1/2/13 at 1:52 pm to Nawlens Gator
Thanks
Posted on 1/2/13 at 2:57 pm to pleading the fifth
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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