Contour Enthusiasts Group Archives Forums General Common Interests Social Security Payout for 2006

Anyone here have their social security witholding paid off for the year yet? This year the taxible limit is $94,200.

Taxable fringe benefits?

Almost..........

It'll be early September before I cross over that threshold. Can't wait, it's like a nice raise going into the holiday season.

I would have had it paid out by now if it weren't for taking 18% out each week, trying to max out my 401(k) contribution. I finished paying into that for the year last month and now I'm closing in on the social security. Three more weeks should do it if the available overtime holds out. I usually don't get there this early but they kept waving all this money in my face this year and it was too hard to pass up.

You're right, it's like getting a big pay raise for the rest of the year...then we get to start all over again in January.

Your 401(k) contribution is irrelevant to your social security taxation. The social security should be coming out of the full wage base before 401(k) contributions.

I'm pretty sure that my SS deduction is based on the gross amount for the week AFTER my 401(k) deduction. Had it not been for that $15,000 contribution which is now maxed out I would have reached the SS max withholding several weeks ago.

I could be wrong, it wouldn't be the first time.

EDIT: By golly, you're right. I just looked up my Epay check statements for the last few weeks and the SS tax is around 1.5% since crossing the magic $94,200 threshold if I factor in the 401(k) contribution. Coolness. Thanks.

My question is, what do you people do for a living that have already made $94,200 this year? (and do any of you want to buy a super-low mileage SVT with your huge disposable income )

I wonder, if I switched jobs mid-year, how does the second employer know when I have reached my taxable limit? Hmmm...

I wonder, if I switched jobs mid-year, how does the second employer know when I have reached my taxable limit?

I've read that if you have more than one job and your total is more than the SS limit you need to watch your statements very closely so they don't take more out than the total limit. Supposedly you would need to contact some government agency and get a refund for the amount overpaid.

I guess anyone in that situation could do a Google search for the agency who would handle this.