No SS tax withholding in today's paycheck

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sage_joch
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No SS tax withholding in today's paycheck

Postby sage_joch » Fri Dec 28, 2012 12:55 pm

I noticed today's check was a bit higher, and when I looked more closely I saw that SS taxes were not being withheld today. Any ideas why this might be the case?

stlrick
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Re: No SS tax withholding in today's paycheck

Postby stlrick » Fri Dec 28, 2012 1:01 pm

FICA is taken out of your paycheck up to the annual maximum income that is subject to the tax. This year, that maximum income is $110,100. If you earned that over the first 11 months, no FICA would be taken out in the 12th month.

The Wizard
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Re: No SS tax withholding in today's paycheck

Postby The Wizard » Fri Dec 28, 2012 1:02 pm

It could be either the beginning of the Fiscal Cliff or that your reported income for the year finally passed the $110,X00 limit...
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bUU
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Re: No SS tax withholding in today's paycheck

Postby bUU » Fri Dec 28, 2012 1:03 pm

So basically you just told us your annual salary.

;)

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englishgirl
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Re: No SS tax withholding in today's paycheck

Postby englishgirl » Fri Dec 28, 2012 1:04 pm

As already noted, there's a maximum income for the year that is taxed for social security purposes.

I suspect your income for the year has just passed that maximum.

Next year as an incentive, you'll have to aim to pass the maximum earlier than the last paycheck. :P
Sarah

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sage_joch
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Re: No SS tax withholding in today's paycheck

Postby sage_joch » Fri Dec 28, 2012 1:05 pm

bicker wrote:So basically you just told us your annual salary.

;)


:oops:

Thanks guys.

livesoft
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Re: No SS tax withholding in today's paycheck

Postby livesoft » Fri Dec 28, 2012 1:07 pm

bicker wrote:So basically you just told us your annual salary.

;)

This caused problems at my spouse's office when one person said, "Oh, I'm not paying SS taxes anymore" because everyone could calculate their salary which turned out to be higher than many others doing the same job. They reacted pretty much like the monkey in the video linked by Kathleen Ryan.
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porcupine
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Re: No SS tax withholding in today's paycheck

Postby porcupine » Fri Dec 28, 2012 1:16 pm

livesoft wrote:
bicker wrote:So basically you just told us your annual salary.

;)

This caused problems at my spouse's office when one person said, "Oh, I'm not paying SS taxes anymore" because everyone could calculate their salary which turned out to be higher than many others doing the same job. They reacted pretty much like the monkey in the video linked by Kathleen Ryan.

I thought you had already posted this recently! :oops:

- Porcupine

Calm Man
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Re: No SS tax withholding in today's paycheck

Postby Calm Man » Fri Dec 28, 2012 1:16 pm

bicker wrote:So basically you just told us your annual salary.

;)


My thought exactly.

The Wizard
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Re: No SS tax withholding in today's paycheck

Postby The Wizard » Fri Dec 28, 2012 1:22 pm

Calm Man wrote:
bicker wrote:So basically you just told us your annual salary.

;)


My thought exactly.

What if he's a new grad and only worked 7 months this year?
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bUU
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Re: No SS tax withholding in today's paycheck

Postby bUU » Fri Dec 28, 2012 2:10 pm

Good point! :beer

fareastwarriors
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Re: No SS tax withholding in today's paycheck

Postby fareastwarriors » Fri Dec 28, 2012 6:36 pm

I'm not even close to hitting the cap.

:(

Atilla
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Re: No SS tax withholding in today's paycheck

Postby Atilla » Fri Dec 28, 2012 7:00 pm

Financial earning success is gauged by how early in the year you stop paying stinking SS taxes. :beer

And every new year is a total drag with an expected and significant pay cut... :annoyed
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