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June 09 2011

Tax Limits Social Security

Child Tax Credit Deduction CalculatorSocial Security Tax LimitsDo you own a small business and need to know what you are responsible for when it comes to payroll taxes, and more specifically Social Security taxes and Social Security tax limits?Federal Tax Withholding TableAs an employer, you are not only responsible for withholding Social Security tax from your employees wages, but you are also responsible for paying in on your employees Social Security tax. There is a Social Security tax limit, which is 6.2% on earnings up to $106,800; you, as the employer, must also match the same amount.

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Schweinderl