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If you make over $106,000, your SS contribution is capped

I did not know that. Hey, if everybody contributed their fair share, that might solve some problems...


Submitted by JuliaWilliams on

The article implies that if you make more than 107K that you don't pay ANY SS taxes, whereas, in fact, you pay the tax UNTIL you reach that amount of income, and then your mandatory contribution is "capped", you don't have to pay anymore SS tax. (Also unmentioned is the fact that there is NO cap on the Medicare portion of the tax..for a good short and clear article in regards to this, go here)

Submitted by JuliaWilliams on

But I must say, that of all the bloggers/sites I read, it is very refreshing to have the admin not only admit to an error, but thank the person who found it/clarified it, and with speed, grace and lack of defensiveness.