What is the tax rate for Social Security?

Answer 1

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.

Answer 2

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.

Answer 3

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.

Answer 4

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%

Answer 5

I believe none of it is taxed.