Yes. If you work after retirement, you will still have contributions to Social Security and Medicare (FICA) withheld from your paycheck at the same rate as before retirement.
Yes. If you work after retirement, you will still have contributions to Social Security and Medicare (FICA) withheld from your paycheck at the same rate as before retirement.
I am over 65, and on Medicare. I am also still working, and being paid wages. FICA- Med is still withheld from my paycheck. You should expect that as well.
Social Security is funded by FICA; Medicare is funded by Medicare tax.
The 2010 cap is $106,800.00, which would result in 6621.60 (6.2%) being withheld. There is no cap on the Medicare insurance contribution amount, so the 1.45% amount will continue to be withheld on all earnings, and will be matched by your employer at 1.45% for a total 3.90% for the year.
Yes.
In most years, your employer will deduct the following from your paycheck: Social Security: 6.2% of your gross pay Medicare: 1.45% of your gross pay However, in 2011 Obama signed into a law a "payroll tax holiday" as part of the continued effort to stimulate the economy. For 2011 only, the social security tax coming out of your paycheck is 4.2% instead of 6.2%, meaning that this year you will take home more money than you would in a "normal" year. Your employer matches these amounts too -- they pay another 6.2% for social security, and another 1.45% for Medicare. Under the payroll tax holiday, only your portion of social security is reduced to 4.2% -- your employer is still paying 6.2% of your pay into social security for you.
Yes it is possible to draw disability and work part time; however there are certain restrictions you need to be aware of. This site may be able to answer some of your questions, http://www.socialsecurity.gov/pubs/10095.html
In most years, your employer will deduct the following from your paycheck: Social Security: 6.2% of your gross pay Medicare: 1.45% of your gross pay However, in 2011 Obama signed into a law a "payroll tax holiday" as part of the continued effort to stimulate the economy. For 2011 only, the social security tax coming out of your paycheck is 4.2% instead of 6.2%, meaning that this year you will take home more money than you would in a "normal" year. Your employer matches these amounts too -- they pay another 6.2% for social security, and another 1.45% for Medicare. Under the payroll tax holiday, only your portion of social security is reduced to 4.2% -- your employer is still paying 6.2% of your pay into social security for you.
The 2010 cap is the same as in 2009, $106,800.00, at which point the Social Security amount withheld would be $6,621.60 (6.2%). There is no cap on the Medicare insurance contribution, so the 1.45% amount will continue to be withheld on all earnings, and will be matched by your employer at the 1.45% rate for a total 3.90% for the year.
Yes you can. People who don't drive can still be employed and will still need a social security card.
The Social Security Act is still a government run program that is continued to this day.