Can S.S. contributions "max-out" if someone earns enough in their lifetime, or is that only determined yearly?

Question

I know the income limit for 2007 before SS/ Medicare stops being deducted from payroll is $97,500. If someone maxes their amount out every year, will they eventually be exempt from contributing?

Answer 1

The Federal tax law does not include a lifetime maximum for social security taxes.

Answer 2

Only are exempt from contributing when they quit working.

Can max out for a year, but not for a lifetime.

Answer 3

no, sadly, never. the amount changes from year to year. most people get trapped in that their income rises, but the government keeps raising its SS cap too! sorry.