Is it true that as of April 15, 2007 people with incomes over $80,000 will not receive social security checks?

Question

Any additional information will help.

Answer 1

I don't believe that to be true, I looked throught the Social Security Adminstration website and did not see any mention of that on the site
http://www.socialsecurity.gov/

You may want to call or stop in your local SSA office to inquire

Answer 2

The maximum amount of earnings that are subject to Social Security tax deductions rises in step with increases in national average wages.

Maximum Earnings Taxable
Program 2005 2006 2007
Social Security $90,000 $94,200 $97,500
Medicare No Limit for any year after 1993

It is about as easily understood as most government documents are, but if you are patient and willing to follow the links you can probably find what you are looking for.

NOTE: The Social Security tax rate is 6.2% and the Medicare tax rate is 1.45% for each year shown above. Thus the maximum Social Security tax withheld in 2007 is $6,045.

The amount of money deducted for social security is 15%. You pay half and your employer pays half. If you are self employed you have to pay the whole 15%.

This is a partial answer, but it means that deductions will be made on income up to the limit. It used to be that if you worked past the time you were collecting SS, your benefit was deducted dollar for dollar on your earnings. I think that changed a couple of years ago so that you can earn whatever, and pay tax on both SS and wages.

Answer 3

No - where in the world did you hear that?