2006-10-27 03:07:11 · 12 answers · asked by rustierumley 1 in Business & Finance ➔ Taxes ➔ United States
Never.
2006-10-27 03:08:36 · answer #1 · answered by BlueSea 7 · 0⤊ 0⤋
Once you reach the cap which is around $94,000 or so it stops. However if you are a preacher it is never taken out of your paycheck. Preachers are dual-status employees and pay their on Social Security under the SECA rules as opposed to the FICA rules that everyone else pays under. So go get ordained.
2006-10-27 17:22:45 · answer #2 · answered by jmadden_98 2 · 0⤊ 0⤋
It always taken out. The only way to have it not taken out is to be an independent contractor, in which case you must pay 15.3% when filing your income taxes. This social security tax is better known as FICA. They can only tax your income for FICA up to 94,750. Sorry you got to pay it.
2006-10-27 11:46:14 · answer #3 · answered by kjvonski 1 · 0⤊ 0⤋
If you're classified as an independent contractor, it's not taken out, but then you owe it at 15.3% at tax time.
Also, once you make a certain amount per year (almost $100,000), it's not taken out after that for the rest of the year, although the medicare part continues to be taken out.
2006-10-27 10:26:24 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
It is only taken out on wages up to $94,200. If someone makes more than that they don't pay social security on their earnings above $94,200.
2006-10-27 10:13:11 · answer #5 · answered by brenden b 2 · 0⤊ 0⤋
There are some jobs that are exempt from social security. Some state and local governments have opted out of SS. They set up their own 'retirement' plans.
See below.
2006-10-27 10:10:52 · answer #6 · answered by SPLATT 7 · 0⤊ 1⤋
Regular wages are subject to both soc sec 6.2% & medicare withholding tax 1.45%. Your employer has to pay these amounts as well making the total percent 15.3%
For 2006 there is a max wages of 94,200 subject to the soc sec portion but no max to the amount subject to medicare tax.
There are a few limited types of benefits that are not subject to soc sec tax.
If you are self employed you pay the taxes @ 15.3% yourself on 92.35% of your net income .
2006-10-27 11:03:45 · answer #7 · answered by goldenboyblue 3 · 0⤊ 0⤋
It is always taken form your checks. The more you make the more they take. It is a percentage of what you make to determine what you will pay.
2006-10-27 10:11:38 · answer #8 · answered by cmsmith114 3 · 0⤊ 0⤋
Yes when you reach the annual salary cap. Next year the amount is just over $97K.
2006-10-27 22:18:28 · answer #9 · answered by BHWMST 3 · 0⤊ 0⤋
It is always taken out. No matter how much you make. It is for your retirement.
2006-10-27 10:09:52 · answer #10 · answered by Snuffy Smith 5 · 0⤊ 0⤋
Unless you are contract labor and then you are responsible for paying it yourself when you file your taxes for the year.
2006-10-27 10:15:31 · answer #11 · answered by saved_by_grace 7 · 0⤊ 0⤋