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What is the tax rate for the medicare portion of the social security tax for those making under 200000?
Wiki User
∙ 10y ago
The tax rate for the medicare portion of your withholding is 1.45%. You employer also pays the same 1.45% for this tax. Also, it is important to know that their is no top limit where this tax is no longer collected. Whether you make 20,000 or 20,000,000 you will still pay this same percentage on all your wages earned.
As of 2013:
For taxable years beginning after Dec. 31, 2012, employers will be required to withhold additional amounts from the wages of high-earning employees. The Medicare tax rate will increase by .9 percent (from 1.45 percent to 2.35 percent) on wages over $200,000 for single filers, wages over $250,000 for joint filers, and wages over $125,000 for persons who are married but filing separately.
Wiki User
∙ 10y ago
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What is the tax rate for Medicare portion of the social security tax for those making under 200000?
The tax rate for the medicare portion of your withholding is 1.45%. You employer also pays the same 1.45% for this tax. Also, it is important to know that their is no top limit where this tax is no longer collected. Whether you make 20,000 or 20,000,000 you will still pay this same percentage on all your wages earned. As of 2013: For taxable years beginning after Dec. 31, 2012, employers will be required to withhold additional amounts from the wages of high-earning employees. The Medicare tax rate will increase by .9 percent (from 1.45 percent to 2.35 percent) on wages over $200,000 for single filers, wages over $250,000 for joint filers, and wages over $125,000 for persons who are married but filing separately.
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