Originally Posted by Longbob
Originally Posted by antlers
Originally Posted by Sycamore
6.2% of wages/salary, up to a salary of $168,600. Above that, they tell me one isn't taxed for SS.
Yep. If you make up to 168,600 dollars in 2024, you pay social security taxes on 100% of that. But if someone makes 10 million dollars in 2024, they still only pay social security taxes on the first 168,600 dollars. They don’t pay any social security taxes on the rest of the 10 million dollars that they made for the year.

Yes, that is true. But there is no cap on wages for Medicare tax.


Yep.

For those on Medicare:

If your AGI is over a certain amount the monthly cost Of Medicare goes up until you drop back below that amount.

Not exactly means testing per se but similar.