Does anyone know what the percentage of a person's pay the feds take out for Social Security?
I've been working for the state for several years so I've been kicking into the state pension system instead of SS. I'm leaving to take another job - it's been awhile since I last worked in the private sector and I can't remember how much the feds take out.
2007-03-01 16:04:28 · 5 answers · asked by John M 1 in Business & Finance ➔ Taxes ➔ United States
7.65% up to 94,200 for the 2006 tax year.
For 07' the ceiling increased to 97,500
2007-03-01 16:11:15 · answer #1 · answered by Jesse 4 · 0⤊ 1⤋
If you are an employee and you dont earn in excess of 90K per year, 7.65% of your weekly wages for Social Security and Medicare tax is withheld from your paycheck.
If you are an independent contractor (1099), the rate is 15.3% - netted to 12.6% on Form 1040.
2007-03-02 02:02:26 · answer #2 · answered by bold4bs 4 · 0⤊ 0⤋
7.65% for the first $97,500 in wages for 2007 and 1.45% for all wages after that.
2007-03-01 23:14:31 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
0% i get paid in cash and when i file my taxes i always put minium wage lolz
2007-03-01 16:12:06 · answer #4 · answered by Anonymous · 0⤊ 2⤋
6.2% for social security
1.45% for medicare
2007-03-01 20:59:21 · answer #5 · answered by tma 6 · 1⤊ 0⤋