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13. Wages

Excerpted from "Social Security Handbook". See the up-to-date, official Social Security Handbook at ssa.gov.

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There are 7 Comments

"Hi" I need a copy of all my benefits from my jobs I have worked at. How do I get that information?

My husband would like to retire at age 62 but continue to work part-time. What is the amount he is allowed to make before he would have to pay back a portion to SS?

The the FICA (Social Security / Medicare) tax rate, is 7.65 percent for employees and 15.30 percent for self-employed people. The rates are broken out as follows:
* 6.2% (Social Security portion) on earnings up to the maximum taxable amount ($106,800 in 2009)
* 1.45% (Medicare portion) on all earnings.

So your tax of $1,100 / $18,000 = 6.1 percent sounds about right for the Social Security tax.

However, you may essentially be eligible to get some of your FICA taxes "rebated" to you thru the Earned Income Credit. See here for details :
http://www.ssa.gov/policy/docs/progdesc/sspus/ernintax.pdf

Who do I contact to have additional money taken out of my Social security check per month for extra Income Tax deduction?

God Bless You

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Not affiliated with the US Social Security Administration