RSSMaximum Annual Social Security Taxes Paid by an Individual 1937 – 2008
To determine the maximum amount of Social Security taxes that an individual has to pay in any year, it is simply a matter of multiplying the maximum amount of earnings subject to the Social Security tax for the year by the tax rate applicable to the year. The maximum amount of earnings subject to tax for 2008 is $102,000. Multiplying this amount by 6.2% produces the maximum amount of $6,324 in Social Security taxes for the current year. The chart illustrates the maximum dollar amounts payable each year from the beginning of the program.
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