How Do Social Security Tax Adjustments Work?
December 14th, 2009 by admin | Filed under social.The maximum taxable amount will rise to $97,500 in 2007. The Social Security tax rate is not automatically adjusted and remains 6.2 percent.
I’m currently under the max but if I start my new job prior to receiving my severence package will that trigger a notification to my current employer and cause issues as they’ll need to make adjustments for it?
It’s not illegal or wrong to be employed by 2 companies at the same time right?
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Each employer is required to take out social security up to the max at that job. If you overpay because you have multiple jobs, you claim the extra back on your tax return - it was line 67 on the 2006 1040 form. Nothing will happen automatically, so you’d have to claim it on your return.
Not illegal or wrong to be employed by 2 companies and if you pay over the max you will get the excess back when you file your taxes in 2008.