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Changing Jobs And Approaching Social Security Tax Maximum. Will They Still Deduct SS Tax? |
I have a cunning situation at hand. For 2007, the social security deductions from income are 6.2% upto the first 97500 of the return. So, the maximum SS tax one pays per year is $6045.
I was with employer A till August. After that I moved to employer B. My SS contributions at firm A were
| Answer: Patron B won't know, and has to keep taking out social security until you reach the limit with them. You will have excess community security withheld but will get that as a credit on your 1040 return when you file it. |
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