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Employees are only required to pay Social Security Taxes on the First $117.000 of Income earned . This is referred to as the Contribution and Benefits base or Taxable Minimum .Wages above this Amount are not subjected to Social Security Tax. There is no Limitation on Taxable Earnings for Medicare's Hospital Insurance Programs. Any Employee who pays more than the Maximum Tax required is Eligible for a Refund of the Excess Contribution.
