If you have earned $101,500 with 6 remaining paychecks do you pay Soc. Security tax only on the remaining $500?
Looking to see if the government taxes you on the full paycheck or just the porting still under the 102K limit for SS tax.
- cynic47Lv 61 decade agoFavorite Answer
There are two taxes which are broadly called "Social Security" -- the OAS (old age and survivor) portion which is 6.2% of pay up to $102,000, and the HI (health insurance/Medicare) portion which is 1.45% of all pay. Thus, your remaining Social Security tax will be 6.2% of $500, plus 1.45% of all your remaining pay without limit.
- JudyLv 71 decade ago
Just the part under the limit for the year.
- 1 decade ago
You are only taxed up to $102,000. Your payroll company will figure a partial payment for the $500.