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Social Security Contribution Limits
2007 - $97,500
2008 - $102,000
Social Security Tax Rate
Employee - 6.2%
Employer - 6.2%
Medicare Contribution Limits
2007 - None, All income is taxed
2008 - None, All income is taxed
Medicare Tax Rate
Employee - 1.45%
Employer - 1.45%
Social Security Benefits
Subject to Income Tax -- 2007
| Base Amount of modified AGI causing Social Security benefits to be taxable | Up to 50% Taxable | Up To 80% Taxable |
|---|---|---|
| Married Filing Jointly | $32,000-44,000 | $44,000+ |
| Single | $25,000-34,000 | $34,000+ |
Full Retirement Age 65 yrs 10 months
Portion of Benefit Paid at age 62 - 75.8%
Maximum Earnings before Social Security benefits are reduced
| Before Full Retirement (lose $1 for every $2 of earnings) |
$12,960 |
| Year of full retirement age | $34,440 |
| After full retirement | No Limit |
