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2006 Social Security Limits |
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The Social Security Administration (SSA) announced that the 2006 social security wage base will be $94,200, an increase of $4,200 from the 2005 wage base. Beginning January 1, 2006, employers should withhold 6.2% in Social Security taxes from employees' wages up to $94,200 and withhold the Medicare tax (1.45%) on all wages. Employers are required to match the tax payments withheld from employees' wages.
For more information, please link to the Social Security Administration:
http://www.ssa.gov. |
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