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maggieddd
Joined: 08 Jul 2008
Posts: 1
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 Posted: Tue Jul 08, 2008 12:07 pm Post subject: New job retirement plan |
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I just got a new job and I am not sure about this retirement plan. Can someone explain this to me?
"Each month the University contributes 5% of salary below the social security wage base to those under age 40, and 10% of salary below the social security wage base for those age 40 or over. For earnings above the social security wage base, the percentage is higher; 10% and 15% respectively."
Can someone explain this to me?
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admin
Site Admin
Joined: 06 Feb 2004
Posts: 147
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| Posted: Tue Jul 08, 2008 8:56 pm Post subject: Re: New job retirement plan |
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| maggieddd wrote: | I just got a new job and I am not sure about this retirement plan. Can someone explain this to me?
"Each month the University contributes 5% of salary below the social security wage base to those under age 40, and 10% of salary below the social security wage base for those age 40 or over. For earnings above the social security wage base, the percentage is higher; 10% and 15% respectively."
Can someone explain this to me?
Thanks |
For 2008, the first $102,000 in wages gets Social Security FICA tax. The amount of money you earn over $102,000/yr. gets the higher retirement plan contribution.
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