INSIGHTS & IDEAS

2007 Social Security limit raised to $97,500

The wage base for computing Social Security tax is raised from $94,200 in 2006 to $97,500 in 2007.  Therefore, the max Social Security for employees and employers will be $6,045, and $12,090 for those self-employed. The Medicare tax rate remains unchanged at 1.45% for both employees and employers, and 2.9% for those self-employed.



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