Does the firm stop withholding Social Security taxes from your paycheck when you hit the maximum taxable earnings for the year? I.e. will my net paycheck suddenly increase one magical pay period?

like
Posting as :
works at
You are currently posting as works at

I think it stops after about 118k

like

Yes

like

Thanks double Ds!

like

118 after pretax deductions.

like

Obama. That's funny. It's indexed to wage growth. Thanks 1975 congress.

like

One note - you keep paying the Medicare portion (1.45%) after 118k. They only stop collecting Social Security.

like

Others on here have said that they do

like

http://bfy.tw/8JNr

like

No. 118 is individual limit for SS. 250 is joint floor before excess MC kicks in.

like

Downside: our raises hit Dec 15th, but by next paycheck you are at $0 cum SSI. So back to paying those taxes. Took me some effort last year to realize why my net pay basically didn't move after salary bump.

like

Correct

You're welcome

!

How much do u have to make in order to hit that ceiling?

I think $140k based off of the last time that I attempted to calculate it. I think the max annual contrib is somewhere around $6k

Supposedly

Yes

Duh

Yes. Limit jumps by $9k next year. They won't withhold excess MC unless you hit 250k alone (IRS figures it on joint income though).

So if my wife and I make more than 118k combined and file together do we get some money back?

Related Posts

I am planning to invest in REITs. What is better VNQ or XLRE? Is XLRE a mutual fund and tax wise slightly less beneficial than VNQ?

Anyone knows what’s the best way to look up VC investment roadmap for maybe health tech or software focused VC firms?

like

Pretty new to stocks and investing I would like to invest $200-$300 a month in an ETF index fund which do you guys recommend? Also would like to invest some money monthly in a more risky stock which do you guys recommend?

like

If I’m a Real Estate Agent buying my own property, can I negotiate the Buyers Agent commission to be 0% instead of being paid the buyers commission? Essentially converting what would be Income into Cost Savings for tax purposes?

like

Has anyone started an LLC, S-corp, or C-corp for your day trading? If so what are the requirements for getting started with that?

like

Why does the purchase agreement call for a FIRPTA when no real estate is being purchased?

Program Manager Healthcare Foundation $85,000. Worth it? Or too low?

like

What is the *prime* amount of money to bring you happiness?

like

Hi, I'm new to Dallas. Have been eyeing on rental investment in Dallas. Looking into Zillow, properties in Arlington seem to have good appreciation. Is it good idea to invest in Arlington? What other areas in Dallas can I consider (checked Carrollton, Plano, Coppell, Addison).
Thank you.

like

What’s the best credit card for a married couple who shared finances? We were thinking American Express but kind of lost.

like

If I’m selling stock to make the down payment for my primary residence house, is there any way I can limit or avoid some capital gain tax?

like

Really hoping to avoid judgment on this post. Has anyone had to sign up for government or state assistance after becoming unemployed? Was the process difficult? I have a young son who's at home with me all day right now and I'm looking for a job that I can work from home, but in the meantime we need to eat and I need to pay my rent. Thanks for any advice.

like

Does anyone have any book recommendations for information on buying a house?

like

I’m seeing lots of posts about really bad losses. If you trade you’re going to lose money - hopefully not all the time, but many positions will be mistakes. But you need a process to find ideas and manage positions. Two books you should read are “The New Trading for a Livinng” and “The Laws of Trading.” Both look at psychology, process, and risk in different ways that can help you work out your own process. The next 18 months will be much harder than the last 18 - time to start learning.

likehelpful

How diligent is Mintz background check. When it comes to education? My references, credit, criminal and work experiences will check out. However said I already graduated school when I am in reality a month away from graduating. The company sent over the contract and start date at the same time as the background check.

like

I had no income in India and was in US the entire year. Do I need to file IT return with 0 income?

like

Was just on a call with my mother who claimed someone helped her bought an investment target that has high consistent return (>25%) without loss to principal and low risk. Is this possible?

Am secretly freaking out because she doesn’t know what she bought. It is her own money but I wonder if it is my place to step in…

like

Serious question...should I sell or hold my Dogecoin? It makes up half my portfolio now and made me $40,000 this week. Think this is as high as it will go or is there still room to grow?

Post Photo
likefunnyuplifting

Is a 900k net worth for a single person at almost 40 good or terrible? I see posts from our US counterparts on net worth and salary and feel so behind yet we have such a high COL in Toronto.

like

More Posts

Is there a pace up on hirings now , or the freeze is still there , I cannot see much posts on recession since a week so is there any good news on hirings?

Anyone dealt with age discrimination at work or thought they were fired because of it? I have a strong hunch I was let go because I'm older than most of the team and they're trying to get a "fresh perspective." To me it just sounds like they're firing anyone over 50.

like

What industries is the CFE certification used for? How does it compare to CPA in the length of the material and difficulty? Do most firms pay for It?

like

Considering a move to UAE and Inhave to major questions:
- How is the SC work life balance?
- I am coming from Europe, is there a big cultural shock?

Thanks!

like

Anyone knew or worked with Karen Ward?

like

Grant Thornton: I left GT as a senior. I am still a senior at new firm. Am I under contractual obligation to not recruit from my old firm? I had always heard that non-solicit was signed as manager.TIA

like

Anyone else have trouble hitting their calorie goals in the winter because it’s just too cold outside to go get groceries/lunch/dinner? 😩

like

Can anyone pls help me in RRP ??

Reason #101 why noise canceling headphones & drinks are critical (when status can’t solve travel nightmares)

Post Photo
likefunnysmart

Program Manager Healthcare Foundation $85,000. Worth it? Or too low?

like

Hi Fishies. Looking for a good real people/comedy directors who can work with lower budgets . Would love any recommendations. Thanks.

like

Been in the strat game for over a decade; I’ve realized that a strong department with clear process that is built on end to end problem solving (with time to think) is when I’m happiest vs this award show / case study grind. What are some agencies you all work or have worked at, that value strategy as a department and not a creative case study farm? Looking to figure out what’s next.

like

Hi all, This is a bowl created for Bajaj markets (BFDL) employees for anonymously asking questions and get the answers, suggestions and advice from other employees.
Thanks for joining!
Let's make healthy conversations and solve doubts.

like
likehelpful

Sorry if this has been asked before, but besides apartments.com, what are resources that you all found useful when looking for cheap apartments in LA?

like
like

What is the *prime* amount of money to bring you happiness?

like

Anyone else want to see the Zoom servers utilization superimposed on top of the COVID infection rate? Assuming they are eerily similar.

like
like

Additional Posts in Consulting

2 signs that my life has fundamentally changed...last night I dreamt about Use Cases and this morning the barista at Starbucks knew my name and order. Ughhhh.

like

Moving from Consulting to Industry, and back to Consulting, within a span of 12-18 months. Goal: 40-50% pay hike. Good or bad strategy?

like

What is the argument for buying a dog from a breeder? I have always adopted but curious about the positives of breeders.

like

Utilization director told me today that the layoffs won't affect me. My heart goes out to everyone that had to hear otherwise. Here's to hoping y'all find something better and prosper.

like

What do you expect of analysts/new hires with 0 YOE?

like

Anyone at EY-Parthenon know how long it takes to hear back after interviews?

funny

Do grades really matter senior year of undergrad? I interned with Deloitte over the summer and got+accepted a return offer. Finishing my last year of school rn and kinda slacking in classes - not like I'm going to fail or even come close to failing anything but my GPA might slip a bit from now till graduation. They already gave me the offer...so do they care?

like

Will PMO roles now prepare me for a Product Manager job in the future?

like

Going to Alaska end of September..any tips?

like

What is the salary range for Managing Consultant (Enagagement Manager role) at Mastercard advisors (base + bonus)? Location: New York

like

May be this is off the topic..
One of my friend who is a doctor & is an international med graduate. He passed his United States Medical Licensing Exams with above average scores. He has applied fr the match last yr & was nt able to match. Match process costs around USD10k; this year he is applying again after borrowing funds frm different sources bt he is under tremendous pressure to get match. I feel his pain as he has studied for 10+ yrs and is struggling to match nw. I m nt sure hw I can help

like

Saved my work on friday eod, but didn't see that the VPN was disconnected during saving process
:'(

like

What is the best consultancy for Media and Entertainment work? Considering a move…

like

Has anyone interviewed with Tradeweb? Any thoughts or advice.

like

How easy is it to get hired by a different consulting company nowadays (ideally MBB)? Does the interview process differ as an experienced hire?

like

Deloitte GPS EFA, Consultant Salary? Not a range please, just want to know what you make.

like

When you are staying on the top floor, just finished a long, fast paced run and the elevator is out of order...😭💀

like

Since we’ve all been working from home for months now, what’s the best office chair out that y’all are using for our long work from home hours? Looking to invest in a better one than my ~$150 one from Amazon.

like
likehelpful

Client asked me to stay till Friday (every week)!! Wtf!

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal