Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays Bank.
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.
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