Berkeley CSUA MOTD:Entry 24800
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2025/07/09 [General] UID:1000 Activity:popular
7/9     

2002/5/12-14 [Reference/Tax, Politics/Domestic/SocialSecurity] UID:24800 Activity:nil
5/12    Anybody know how the social security and medicare deduction in the
        paychecks work?  Is it always a fixed % regardless of what tax
        bracket you're in?  With federal income tax you can withold a lot
        at the beginning of the year and stop it altogether when you've paid
        enough (by adjusting the exemptions).  Can you do that with SS or
        medicare?  Thanks.
        \_ Yes, Social Security taxes is 6.2% of your GROSS pay, Medicare
           is at 1.45%. The cap for SS taxes is around $80K, in which any
           amount above $80K will not be deducted for SS. Yes, the %-age is
           fixed across all tax brackets and it's static for each paycheck
           i.e. you can't elect to have more withheld from any check. But
           then again, there is no advantage of having it withheld at certain
           period since you have no control of how it's being invested by the
           gov't, unlike your 401(k) account. Hope this helps! - jthoms
        \_ Yes.  Yes.  No.
            \_ until you hit the cap.
2025/07/09 [General] UID:1000 Activity:popular
7/9     

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