What would you like to do?

What is the Social Security withholding tax rate?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

The withholding amount by the employer from your earnings that are subject to the old age survivors disability insurance is 7.65% for the social security and medicare tax amount and the employer matches that amount for a total amount of 15.3%.

If you are an employee, the employer MUST pay half of the contribution (so you only directly pay 7.65%). If your self - employed, the amount normally paid by the employer is collected through something called the "self employment tax" when you file your income tax return.

When you have one employer the amount of FICA Old Age Survivor and Disability Insurance for your social security would stop once your wages with the withheld social security amount reach $106,800 and social security amount withheld would be $6,621.60.

For a self employed taxpayer the amount would be 15.3% on the net profit from the business operation.

You do NOT have any cap LIMIT on the MEDICARE insurance contribution amount. The Employer Medicare 1.45% and the employee 1.45% the total medicare insurance amount of 3.9% will continue to be paid on all of you wages that are subject to the medicare insurance tax.

For 2014:
Social Security (OASDI) Program Rates & Limits 2014
Tax Rates (percent)
Social Security (Old-Age, Survivors, and Disability Insurance)
Employers and Employees, each a 6.20
Medicare (Hospital Insurance)
Employers and Employees, each a,b 1.45
Maximum Taxable Earnings (dollars)
Social Security 117,000
Medicare (Hospital Insurance) No limit
Earnings Required for Work Credits (dollars)
One Work Credit (One Quarter of Coverage) 1,200
Maximum of Four Credits a Year 4,800
Earnings Test Annual Exempt Amount (dollars)
Under Full Retirement Age for Entire Year 15,480
For Months Before Reaching Full Retirement Age in Given Year 41,400
Beginning with Month Reaching Full Retirement Age No limit
Maximum Monthly Social Security Benefit for Workers Retiring at Full Retirement Age (dollars) 2,642
Full Retirement Age 66
Cost-of-Living Adjustment (percent) 1.5
a. Self-employed persons pay a total of 15.3 percent-12.4 percent for OASDI and 2.9 percent for Medicare.
b. This rate does not reflect the additional 0.9 percent in Medicare taxes certain high-income taxpayers are required to pay. See IRS information on this topic.
Supplemental Security Income (SSI) Program Rates & Limits 2014
Monthly Federal Payment Standard (dollars)
Individual 721
Couple 1,082
Cost-of-Living Adjustment (percent) 1.5
Resource Limits (dollars)
Individual 2,000
Couple 3,000
Monthly Income Exclusions (dollars)
Earned Income a 65
Unearned Income 20
Substantial Gainful Activity (SGA) Level for the Nonblind Disabled (dollars) 1,070
a. The earned income exclusion consists of the first $65 of monthly earnings, plus one-half of remaining earnings.
25 people found this useful
Thanks for the feedback!

What is the tax rate for Social Security?

12.4%. One-half, 6.2%, is withheld from wages. The other half is paid by the employer. The employee tax rate for social security is 6.2% (amount withheld). The employer tax

What is the 2009 social security tax rate?

The 2009 and 2010 tax withholding rate are the same. The amount your employer withheld from your earnings was 7.65% for the social security and medicare tax combined, which an

Can the IRS withhold Social Security income for back taxes?

The IRS can garnish up to 15% of your Social Security check unless you work out an alternate repayment plan or are categorized as "uncollectible" due to income and expenses.

What is the Social Security tax rate for 2010?

The social security tax rate for 2010 remain the same as they were for the tax year 2009. The 2010 cap is $106,800.00, which would result in 6621.60 (6.2%) being withheld.

What is the federal tax withholding rate?

The withholding tax rate is based on the W-4 form you complete at the beginning of each tax year. This tax that is withheld from your paycheck during the year is merely an est