Social Security Tax
 

Social Security Tax Information

 

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Social security limit reached but taxes still taken
One employee has reached the social security limit of $94,200, but the social security tax is still being calculated and deducted from the paycheck. I checked the payroll item for the tax and the correct limit is in there. Isn't this tax supposed to stop automatically?
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HSA Savings Can Be Pre-Taxed Through a Section 125 Premium Only Plan
When employees have their HSA or Health Savings Account bank deductions made through a Section 125 Premium Only Plan (POP) they save an additional 7.65% in Medicare and Social Security payroll taxes. Employers also save their matching 7.65% FICA (Medicare and Social Security) tax. (PRWeb Nov 24, 2006) Trackback URI: http://www.prweb.com/zingpr.php/WmV0YS1Db3VwLUZhbHUtSGFsZi1NYWduLVplcm8=
Smoking: Taxing Health and Social Security
Working Paper 2006-12 by Brian S. Armour and M. Melinda Pitts. Smokers incur higher net marginal Social Security tax rates because of shorter life expectancies, the authors find. In addition, smoking works to widen the gap between low- and high-earnings workers.
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