rasikag writes:Is there any annual limit on withholdings on Social Security Tax and Medicare Tax? Since I changed my employer in the middle of the year, I have no idea if my withholdings have exceeded the limit (in case such a limit exists).I reply:As DowDanny says, withholding of Medicare is unlimited, but Social Security is limited. The 1999 limit was somewhat in excess of $72,000 income. If you had too much SS tax withheld, you'll find a line on Form 1040 where you can report the extra withholding, and it will reduce your tax liability or increase your refund, as applicable. --Bob
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar<