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J.D. Sumter & Associates, INC.
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Social
Security Thresholds
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CY
2005 & CY 2006
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| DESCRIPTION |
2005 |
2006 |
| Social security wage base |
$
90,000.00
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$
94,200 |
| Medicare wage base |
Unlimited |
Unlimited |
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| Social security tax % |
6.20% |
6.20% |
| Medicare tax % |
1.45% |
1.45% |
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| Total FICA % assessed employees |
7.65% |
7.65% |
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| Maximum social security withholding |
$
5580.00
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$5,840.40 |
| Maximum Medicare withholding |
Unlimited |
Unlimited |
| Social security earnings limits: |
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| Age 62 to 65 + 6 mo. in 2005/(+4mo 2004) years old |
$ 12,000 |
$12,480 |
| (Repay $1 for every $2 earned) |
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| Turn 65 (+6 mo. in 2005/ +4 mo 2004) in this year |
$ 31,800 |
$33,240 |
| (Repay $1 for every $3 earned) |
Until 65 + 6 mo. |
Until 65 + 8mo. |
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| 65 (+ 6 mo. in 2005/ or + 4 mo. in 2004) and over |
No limit |
No limit |
| Amount needed to earn coverage |
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| * Per quarter |
$
920
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$970 |
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| * Per year |
$ 3,680 |
$3,880 |
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J.D. Sumter & Associates, Inc.
16840 South U.S. Hwy 441
Baylee Plaza - Suite 405
Summerfield, FL 34491
(352) 307-4366
www.EasyAs123.com
DaceyCPA@EasyAs123.com |
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