Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (12) | Ignore Thread Prev | Next
Author: PosNetWorth Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123510  
Subject: Re: Income surge: withholding + quarterly pymts Date: 1/14/2003 3:12 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
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
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (12) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Foolanthropy 2015!
Fistula Foundation: A World of Good!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Berkshire Hathaway

Collected Mungofitch Quotes
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.