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I don't know...it goes up every year. Medicare used to cap out too, but they got rid of that years ago.
S y - thanks for the explanation... complicated system! What I don't get is why the rich (over $102,000) suddenly stop paying the social security levy..?
Extrastout - I thought it was $45 trillion, but I'll take you word for it... now that is some scary , 3.5 times US GDP. And that's only UNFUNDED PENSIONS! US debt is going to crash the global economy some time in the next decade...
At some point, probably in the near future (after the baby-boom demographic bulge is gone), the US government is just going to shut off welfare and pensions, or massively escalate taxes. Either way, the piper needs be paid.
I don't know...it goes up every year. Medicare used to cap out too, but they got rid of that years ago.
I got back 160.00 for federal and I owe 4.00 for state + the 5.99 fee.
And as importantly you won't have to worry about either the state or the feds coming after you for non-filing. WTG!
Don't forget to get a receipt so you can use that donation in next year's tax return.
if you didnt work this financial year and you made donations, you cant roll-over that transaction the following year when you are workn to claim that deduction, you cant do that.
And you'd have to itemize deductions if you *did* have income, in which case your total itemized deductions would have to exceed the standard deduction ($5,350 for a single taxpayer this year, a little more next) for it to do any good.
Because there is a cap on benefits.
Countries never resort to austerity measures like that until after the hyperinflationary event.
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