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Version:
Railroad Employee
Taxes and Wage Bases for 2009
|
Tax Rate
|
6.2%
|
1.45% |
3.90% |
|
Wage Base
|
$106,800
|
No Cap |
$79,200 |
|
2009 tax on employee earning $106,800 is
$11,259. |
Notes:
- Tier I tax rate and wage base same as under social security.
- Employer tier I tax rate and wage base same as for employee.
However, in 2009 employer pays tier II tax of 12.10% on $79,200 base.
2009 employer tax on an employee earning $106,800 is $17,753.40.
- Employer and employee tier II rates are based on the ratio of certain
asset balances to the sum of benefits and administrative expenses.
- If excess tax withheld from two employers, credit may be due employee and
claimed on Federal income tax return. See IRS publication 505,
Tax
Withholding and Estimated Tax.
|
