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Author: PosNetWorth Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121316  
Subject: Re: Income surge: withholding + quarterly pymts Date: 1/14/2003 3:12 PM
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3) What happens to any deduction for social security when my actual earnings hit $84,900 (or whatever number it is in 2003 that hits the SSN maximum for deduction)? Do I see a sudden increase in my paycheck or is it somehow averaged out over the year's anticipated pay?

As someone already pointed out, you get a nice "raise" when you've hit the maximum FICA contribution for the year. I know that we always look forward to it for fall expenses. :-)

Another thing to take into account (as though you didn't have enough already)


If my son submits one more post before I finish it, I'm gonna scream!!

Anyway, xraymd, it sounds like you'll hit the maximum just in the group practice, but you'll also have FICA withheld from your urgent care moonlighting. Since the maximum is per person per year, not per job per year, all of the withholding over and above the limit will be returned to you, or applied to your federal tax liability.

-- Laura
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