• Tue news: Pfizer explores sale of hospital drugs unit. FDA declines full approval of Ocaliva. AZ better than expected Q3 results. Pfizer, Lilly telehealth platforms draw scrutiny. 23andMe cutting lays off 40%. See more on our front page

Have you met the social security tax cap yet this year? Have you got extra money in your paycheck?

Quote

anonymous

Guest
You only have to pay Social Security tax on the first $118,500 of your earned income, so your Social Security tax will be limited to $7,347, and your employer will pay that same amount.

So once you hit $7,347, it's like getting a raise!

I just hit my cap with this last paycheck.
Check to see if you hit yours yet!
 




To add to this.....get your last pay stub and look for a line item under taxes called: OASDI. See what the YTD amount is next to OASDI. If it's at or close to $7,347.00 you are a high earner. When you hit $7347, it's like getting a 6.2% raise until the end of the year.
 




anonymous said:
You only have to pay Social Security tax on the first $118,500 of your earned income, so your Social Security tax will be limited to $7,347, and your employer will pay that same amount.

So once you hit $7,347, it's like getting a raise!

I just hit my cap with this last paycheck.
Check to see if you hit yours yet!
Click to expand...

You arrogant ass! Keep your business to yourself. Who really gives a shit about what you make. Big deal. I'll bet you love you some you! Idiot!
 












This is the first year I have hit the cap and I hope it's not the last. The 2015 and 2016 caps are the same, but it's supposed to continue to rise every year and some politicians are talking about eliminating it. The question is, can your salary and bonus increases outpace the rising cap? I'm enjoying the small tax holiday raise for now during the last third of the year.
 








anonymous said:
Must say I have never looked at a pay stub. In all the time I've been here.
Just see the deposit in my accounts. Is that bad?
Click to expand...
You should check your last stub out. Check the OASDI line under the taxes section to see how close you are for hitting the tax cap. You will want to know this because you could end up with a few extra thousand dollars this year and you would want to make plans for how to invest it!
 
















Be smart and manage your income. Know when you will reach the cap and move the funds that were pulled for SS into your 401K! You're not used to having it in your paycheck so save it.
 




[QUOTE"anonymous, post: 5745773"]Yeah, and it's quire a bit. Mine is close to $400 in each check. The tax money doesn't go to crooked politicians though. It's a social security tax.[/QUOTE]
What, exactly, do you think has happened to funds in SS? They've Ben begged, borrowed and stolen from by politicians for years. That's why there won't be any money there when you retire
 




anonymous said:
Be smart and manage your income. Know when you will reach the cap and move the funds that were pulled for SS into your 401K! You're not used to having it in your paycheck so save it.
Click to expand...
Great advice for those who are not on target to max out their 410K this year! I am on track so I am moving it to my E*TRADE account so I can invest it.
 




The cap goes up almost every year so its important to make the most out of the extra money while you can. Your salary might not keep pace so by 20/20 you might not get this little bonus. Plus, congress could do away with the cap and then we all lose.
 




Top Bottom
Back
Quote