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Old 06-22-2007, 03:22 PM
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What are the maximum wages subject to Social Security Taxes (FICA) in 2007?

What is the income threshold subject to Self-employment taxes for tax year 2007?

Also, has the Medicare Percentage changed?

Thanks.



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Old 06-30-2007, 01:36 PM
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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.

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