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For 2010, the maximum limit on earnings for withholding of Social Security (old age, disability, and survivors insurance) is $106,800.00. This is unchanged from last year. The Social Security tax rate remains at 6.2 percent, resulting in a maximum Social Security tax of $6,621.60.
There is still no limit on the amount of earnings subject to Medicare (hospital insurance). The Medicare tax rate applies to all taxable wages, and remains at 1.45 percent. The FICA tax rate, which is the combined Social Security rate of 6.2 percent and the Medicare rate of 1.45 percent, remains at 7.65 percent for 2010.
The information in the following table was effective January 1, 2009, and remains unchanged.
— Payroll, Finance, 12-17-09
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