2007-05-04 15:56:01 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I'm assuming you mean is there a wage limit where these stop in any given year for the year? For medicare, no, there is no wage limit. For Social Security tax, it stops being collected when your wages reach $97,500 for 2007, and for 2006 the figure was $94,200. Now, if you happen to work at more than one job during the year, and your social security wages add up to more then the taxable limit, you can get a credit for the excess social security paid, on your 1040 for that year.
2007-05-04 16:17:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Social security limit in 2006 was $94,200. For medicare, there isn't a limit where you stop paying in.
2007-05-04 18:14:06 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
You stop paying social security once you reach 97,500 for 2007. There is no wage limit for medicare.
2007-05-04 16:21:53 · answer #3 · answered by azgaby24 1 · 1⤊ 1⤋
Either when you aren't working, OR When you are collecting from them. It never stops because it already can't pay for us younger people.
Stop by your local Social Security Office they have handouts on the future of Social Security.
2007-05-04 16:06:27 · answer #4 · answered by DJ 3 · 0⤊ 3⤋
Nope...You pay as long as you work..But the kicker is....You ain't never gonna get any of it...It will be long gone before you can..
2007-05-04 16:02:53 · answer #5 · answered by Dixie 6 · 0⤊ 2⤋
http://answers.yahoo.com/question/index;_ylt=AtlWZKWFNltS5TkJESKzTHOZxQt.?qid=20070504133519AAFIbyh
2007-05-04 15:59:56 · answer #6 · answered by Jo Blo 6 · 0⤊ 1⤋