2007-10-29 06:32:19 · 5 answers · asked by Stacey J 1 in Business & Finance ➔ Taxes ➔ United States
Social security and medicare total 7.65% until you reach the social security limit of $97,000 or so for the year, then it's less. The highest federal income tax rate is 35%, and the highest state rate approaches 10%. Local taxes can take up to another couple percent. So the highest total for taxes would be somewhere a little over half, but you'd have to have a very high salary to hit that.
Since there can be other deductions also, for such things as 401K's, FSA's and insurance among others, there's no real limit on what can be deducted.
2007-10-29 09:49:58 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Employer takes out social security tax at 6.2% of the first $97,500 in wages for 2007 and the medicare tax at 1.45% of all wages. Some states have SDI or similar taxe, for example the SDI for California is 0.9%.
About federal income tax and state income tax, employer take out what you tell them to take out that is as per your instructions.
2007-10-30 00:37:10 · answer #2 · answered by MukatA 6 · 0⤊ 0⤋
There's no statutory maximum. They must withhold social security, Medicare and income taxes. You can increase or decrease the amount of withholding according to your Form W-4.
2007-10-29 07:07:52 · answer #3 · answered by npk 7 · 0⤊ 0⤋
He can take whatever you tell him to take, when you submit your W-4.
2007-10-29 09:00:04 · answer #4 · answered by r_kav 4 · 0⤊ 0⤋
There's no limit. What exactly are you asking about?
2007-10-29 08:07:20 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋