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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: chartseer who wrote (71530)	5/8/2012 8:49:10 AM
From: Fiscally Conservative	1 Recommendation Respond to of 103300

For 2012, the maximum taxable earnings amount for Social Security (OASDI) taxes is $110,100. There is no limitation on taxable earnings for Medicare's Hospital Insurance (HI) taxes. The Social Security tax rate for employees is 4.2% through year's end ( it was 6.2% only 15 months ago but they decided to cut it down 2% so the wage earner would have more disposable income,lol. And that was stupid!,imo) The Social Security tax rate for employers is still 6.2 % The Medicare tax rate is 1.45 percent for employees and employ The Social Security tax rate for self-employed is 10.4 percent through the end of the year. The Medicare tax rate is 2.9 percent for self-employed ssa-custhelp.ssa.gov ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ As an interesting side note, one should view the history of the 'payroll' tax into the Social Security Trust Fund since inception in 1937. You might be quite surprised on the ever increasing % of tax on income earned as the years rolled by. ssa.gov