2010 Social Security Contrbution Limit (2010 SSN Limit)
Posted on September 24th, 2010
For those of you lucky to be making a 6 figure salary, you should be approaching the 2010 SSN limit. And that means more money back to you in your next few paychecks. This year, the wage limit is $106,800, meaning that once you hit that number in terms of your total paid wages you will no longer have to pay the SSN tax for the rest of the 2010 pay year.
The government likes to in increase that number every year, below I have listed what the amounts were for the past 5 years and you can see that they stick to around a 3-5% annual increase. This is great when your salary increase by that much, but not if you are stuck at a certain salary and that level passes you by!
Year Wages % Increase 2010 $106,800 NA 2009 $106,800 4.7% 2008 $102,000 4.6% 2007 $97,500 3.5% 2006 $94,200 4.7% 2005 $90,000 2.4%
But you will notice that there was no increase from last year, which is interesting. It must be related to the sluggish economy as I don’t remember the last time we didn’t see an increase in the wage limit.
Also, don’t forget that if you switched jobs this year and will make over $106,800 between the 2 jobs, you will receive the excess SSN tax money back when you file your tax return, however if you have only 1 job this year, then your company’s payroll department should stop taking out the tax once you hit the $106,800 wage.
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Tags: 2010 Ssn, 2010 Ssn Limit, Limit, Ssn Limit
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