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Social Security Taxes in 2009

Written by Nickel - 6 Comments

A few days ago, I wrote about the FICA-OASDI and FICA-HI taxes. For those that missed it, the former goes toward Social Security whereas the latter goes toward Medicare.

As I noted in that article, Social Security taxes are capped, such that (assuming you make enough money) you only have to pay this tax on a portion of your income. In 2008, the cap kicked in at $102,000, but…

In 2009, the cap is increasing by $4,800. As such, you’re on the hook for Social Security taxes on your first $106,800 in earned income but, beyond that, you only have to pay the Medicare portion.

Published on January 9th, 2009 - 6 Comments
Filed under: Taxes

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Comments (scroll down to add your own):

  1. I just squeeked over the limit last year, you gotta love that 6% raise at the end of the year. But I doubt my raise this year will be enough to keep up with the adjustment, most companies are cutting back on raises.

    Comment by Anonymous — Jan 9th 2009 @ 1:00 pm
  2. How does this work with married people?

    Comment by Anonymous — Jan 9th 2009 @ 6:45 pm
  3. As I understand it, this limit is on a per-individual basis.

    Comment by Nickel — Jan 9th 2009 @ 6:47 pm
  4. It’s ridiculus they took double in social security taxes from me than federal taxes i almost passed out when i looked at my check.

    Comment by Anonymous — Jan 15th 2009 @ 3:33 pm
  5. my ytd is over $106k,but I’m still paying ss tax , but I take advantage of medical flex and parking tax free bene from my job. Do i have deduct that from my ytd
    that would make the numbers right.

    Comment by Anonymous — Oct 1st 2009 @ 8:46 pm
  6. Do you get back OASDI taxes when you file income tax?

    Comment by Anonymous — Dec 3rd 2009 @ 3:41 pm

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