Social Security Q & A- What is maximum tax on Social Security

What is maximum tax on Social Security Wages for 2007?

The maximum amount of earnings that are subject to Social Security tax rises in step with increases in national average wages.

Maximum Earnings Taxable
Program	2005	2006	2007
Social Security	$90,000	$94,200	$97,500
Medicare	No Limit for any year after 1993

NOTE: The Social Security tax rate is 6.2% and the Medicare tax rate is 1.45% for each year shown above. Thus the maximum Social Security tax withheld in 2007 is $6045.

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