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 rate for social security is also 6.2% (12.4% total). The 2008 wage base limit was $102,000; it increased to $108,600 in 2009, and will remain at that base through 2011.
FICA contributions, including various sub (categories of things like SS, Disability, Health, etc) are 15.30% of FICA wages. What is considered FICA wages differ from other wage considerations in many ways, (it has a top limit that changes regularly of about 97.5K, how pension contributions factored, State taxes, etc.).
If you are an employee, the employer MUST pay half of the contribution (so you only directly pay 7.65%). If you're 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.
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.
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.
There is no cap on the Medicare insurance contribution amount, so the 1.45% amount will continue to be withheld on all earnings, and will be matched by your employer at 1.45% for a total 3.90% for the year.
Social Security tax is a flat 6.2% on the first $106,800 of wages; Medicare is taxed at 1.45% of all wages.
6.2%
I believe none of it is taxed.
That depends on the amount of income aside from Social Security. Up to 85% of your Social Security benefits are potentially taxable.
The Social Security tax rate for self-employment income in 2011 was 12.4%. This tax is calculated based on the net self-employment income and is used to fund the Social Security benefits program.
Social Security tax & Medicare tax
yes ABSOLUTELY NOT!! (Not sure who wrote 'yes.) The IRS regulations state that the employee tax rate for social security tax in 2011 is 4.2%. The employer tax rate for social security remains unchanged at 6.2%. The 2011 social security wage base limit is $106,800. In 2011, the Medicare tax rate is 1.45% each for employers and employees, unchanged from 2010. There is no wage base limit for Medicare tax. Employers should implement the 4.2% employee social security tax rate as soon as possible, but not later than January 31, 2011.
It is possible for some of your social security benefits to become taxable income on your income tax return at your marginal tax rate.
No, the state of Mississippi does not tax Social Security benefits at the state level. Therefore, Social Security income is not subject to Mississippi state income tax.
The Social Security tax cap for 2001 was $80,400.
No. Massachusetts is not one of the fourteen states that tax Social Security benefits.
yes
no im pretty sure you have to be 18 to pay social security tax
Social Security is a federal program. It is a federal "tax" not a state tax.
Accessing the income tax rate for 2010-2011 is simple. Just call or go by your local IRS or Social Security office. They usually have copies of the tax forms there.