How much must I earn this year before the IRS stops taking out social security payments from my paycheck?

Question

How much must I earn this year before the IRS stops taking out social security payments from my paycheck?

Answer 1

The employee tax rate for social security is 6.2% (amount withheld). The employer tax rate for social security is also 6.2% (12.4% total). The 2005 wage base limit was $90,000. For 2006, the wage base limit is $94,200.



The employee tax rate for Medicare is 1.45% (amount withheld). The employer tax rate for Medicare tax is also 1.45% (2.9% total). There is no wage base limit for Medicare tax; all covered wages are subject to Medicare tax.

Answer 2

2005 was $90,000 its indexed im not sure the exact amount this year probably around $92-95,000. They keep taking the medicare part out though even past the $95000 amount, 1.35%?

Answer 3

So, I was wrong again.



It's 6.2% of the first 94,200 of your wages if you're an employee. Medicare is 1.45% of all.