Social Security and Payroll Tax limits for 2007
The Maximum Income Subject to Self-Employment Tax in 2007 is $97,500. This has been raised from $94,200 in 2006. The Social Security tax rate remains unchanged at 6.2%
However,the there is no limit for income subject to Medicare Tax in 2007. This represents no change from prior year. The Meidcare tax rate remains unchanged at 1.45%.
The Federal Unemployment Wage Tax Basex (FUTA) also remains unchanged at $7,000 for 2007. The current FUTA tax rate of 6.2% also remains unchanged in 2007.