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The Social Security tax rate is 12.4% of your paycheck, and another 2.9% goes to Medicare, for a total FICA tax rate of 15.3%. ... The 2023 FICA tax rate is 15.3%, but if you're a W-2 employee ...
In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer. [1] [2] A person with $10,000 of gross income had $620.00 withheld as Social Security tax from his check and the employer sent an additional $620.00. A person with $130,000 of ...
There is a dedicated Social Security payroll tax, with employers and employees each paying 6.2% of a worker's wages. ... In 2024, you'd have owed a 6.2% tax on all of your income up to $168,600 ...
In 2024, the Social Security wage cap is $168,600. In 2025, that cap is rising to $176,100. ... While the wage cap for Social Security is rising in 2025, the Social Security tax rate is staying ...
The employer is also liable for 6.2% Social Security and 1.45% Medicare taxes, [10] making the total Social Security tax 12.4% of wages and the total Medicare tax 2.9%. (Self-employed people are responsible for the entire FICA percentage of 15.3% (= 12.4% + 2.9%), since they are in a sense both the employer and the employed; see the section on ...
Wage and salary earnings from covered employment, up to an amount determined by law (see tax rate table), are subject to the Social Security payroll tax. Wage and salary earnings above this amount are not taxed. In 2024, the maximum amount of taxable earnings is $168,600. [6]
After 2024, your Social Security cost-of-living adjustment is projected to be smaller. ... The maximum amount of earnings subject to the Social Security payroll tax rose to $168,600 in 2024 from ...
Social Security tax: Both you and your employer contribute 6.2 percent of your wages up to a capped amount called the taxable maximum ($168,600 in 2024). This cap means that high-income earners ...