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Got $102,300?

Got $102,300?

RET
DOD
Fri Aug 17, 2007 8:07 AM

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I think you got it wrong. The rise in max income for SS is a DECREASE in take home, NOT an increase!

Next year, if your salary is high enough, you'll be paying 6.2% SS on 102.3K, vs 97.5K (a 4.8K increase, as you mentioned). So if you made $102K last year, this means you'll be paying $296 _more_ than the previous year in SS taxes. This is NOT a raise.
PS I am retired, so I don't care.
SD

Re: Got $102,300?

HR Specialist
dod agency
Fri Aug 17, 2007 8:15 AM
The article is correct; you may have worded it differently if you were writing it. He did not say it was a raise; only that "If you are fortunate enough to make more than that amount, you'll get the equivalent of a 6.2% raise from the time you hit the limit until the end of the year.? In other words, your income will go up by 6.2% after hitting the maximum income level.

Re: Got $102,300?

HR Specialist
Small Agency
Mon Aug 20, 2007 12:59 PM
I think RET DOD is making the point that your actual salary goes down because of this change in the social security tax--you pay more tax because the threshold has been raised and you therefore have less take home that year. Whereas the article reads as if employees will take more money home because of the increase--whether or not that's what the author meant to imply.

Social Security Ceiling

C.E. Technician
U.S. Forest Service
Fri Aug 17, 2007 8:37 AM

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And to think that there was a time when, towards the middle of the year, my FICA deductions ceased because my Social Security obligation was paid up! I wan't really making a whole lot of money back then either. I guess this is progress.

Will we ever see it

Attorney
Govt Agency
Fri Aug 17, 2007 8:53 AM

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Ok, so now we are taxed on more than $102,000 per year for social security. But by the time the next Congressional Commission creates changes to the retirement plan the top payers will see far less in benefits AND will pay increasing amounts into the system. In short, before long social security will look like a very bad deal for top income earners.

Opt Out

Contracting Officer
SSA
Fri Aug 17, 2007 9:10 AM

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Any way i can opt out of this pyramid scheme? I went to a SSA presentation this week and found out that your SS bene is calculated on your high 35 year avg!!!

So, all of those years of low income/PT employment will most likely be factored in your 35 year work life.

Also, your bene goes down if you're considered a high income individual. So, there is no reward for all of your hard work...the more you put in, the less you'll get back. Social engineering at it's finest!

Social Security earnings ceiling for retireees.

Retired
Formerly DOE
Fri Aug 17, 2007 9:22 AM

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Do you know what the Social Security earnings ceiling for retirees under 65 will be in 2008?

Thanks

social security with full CS Govt retirement

consultant
various DOD
Fri Aug 17, 2007 9:47 AM

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I've been retired over 5 years and paying social security on my consultant's income. What website to I check to find out how many quarters I've paid in during my early years and now that I'm working multiple jobs?? I'm 60 so I have a while to work.
thanks,
Peggy

CSRS?

Former HR Specialist
Federal Agency
Fri Aug 17, 2007 9:49 AM

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Does anyone know if this also applies to the Medicare Tax portion that CSRS covered employees pay?

Re: CSRS?

General Engineer
DoD, Dept of the Army
Fri Aug 17, 2007 12:26 PM
It does not apply at all to Medicare. In other words, you pay the medicare tax on EVERYTHING you earn ... there is no limit on how much income they tax you for medicare. Sorry... :-(
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