Topic: Social Security Tax Rates
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Answers to Common Questions
What is the Social Security Tax Rate?
The social security tax rate consists of 6.20% for Social Security tax and 1.45% for Medicare tax which totals 7.65%. For 2009, the 6.20% Social Security tax is deducted from an employee's total taxable income up to $106,800. The Medicare t... Read More »
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What is the Current Social Security Tax Rate?
The Social Security tax rate (excluding the Medicare tax) for the year 2009 is 6.20% on the first $106,800 of an employee’s taxable earnings. Taxable earnings includes items such as salaries, wages, and cash bonuses. Since the Social Securi... Read More »
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How is Social Security Taxed?
Social security is represented by the FICA tax that you have taken out of your paycheck. Currently the FICA tax is 7.65% of your pay for employees with a maximum tax of $6,621.60. You only pay social security tax on income up to $106,800. Read More »
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More Common Questions
Answers to Other Common Questions
Social security tax is what you pay into social security retirement system. This contribution ensures your coverage by the US social security system. Look here for more information: http://www.irs.gov/businesses/small/inte...,,id=104936,00....
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Anyone who works at a job pays social security taxes. If you work for someone else, you have 6.2% taxes held and given to social security. If you are self employed you will pay 15.3% held and given to social security.
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The Social Security Tax Cap is $106,800. The Social Secuity Tax rate is 6.20% paid by the employee and the Social Security Tax rate is 6.20% paid by the employer.
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Social Security tax has maximum rate of 6.2% on earnings up to $108,000 for the year 2009. That would be $6696.00 maximum amount of dollars withheld for the year 2009.
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In 2009, an employee's share of social security tax or FICA is 6.2 percent up to a maximum amount of $6,620.60. Self employed pay 15.3 percent. For more information see here: http://en.wikipedia.org/wiki/Social_Secu...
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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 ...
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Source: http://wiki.answers.com/Q/What_is_the_tax_rate_for_Social_Securit...
When you are self-employed, you are responsible for paying the entire amount of your Social Security taxes rather than splitting them with your employer. You have to pay self-employment taxes only if your income is above a specified amount.
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Source: http://www.ehow.com/facts_5743846_social-security-self_employment...
