Quote:
Originally Posted by jIM_Ohio
). Pay rate would be close to 110k for this position.
I need help with the taxes side of this:
2) I know SS is on first 93k of earned income (per individual) at 3.5% (or something similar). I assume if I made 110k gross, dollars 93001-110000 do not get the 3.5% SS tax?
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Jim,
The ceiling for 2008 is 102K for SS. The Social Security tax rate is 6.2% per individual (your employer also contributes another 6.2%) up to the ceiling. There is no ceiling on the medicare tax you pay. It is 1.45% of your income (and your employer also contributes another 1.45% towards medicare).
Link to SS web page