The Social Security tax rate is 12.4%, with workers paying 6.2% and employers paying the other 6.2%. The government also collects 2.9% in Medicare taxes, which doesn't have a cap on earnings.

The maximum earnings amount subject to Social Security taxes is now $176,100 Kathryn Flynn is a finance writer and editor for 529 plans, student loans, budgeting, investing, tax planning, and ...

More: Social Security Tax Wage Base Jumps 5% for 2024 This can be a significant tax cut for people earning more than the wage base. The tax rate for an employee's portion of the Social Security ...

In addition to Social Security, FICA taxes are funneled ... Together, these make up a tax rate of 7.65% for FICA taxes. “For employees, the employer withholds the FICA tax from their paycheck ...

For 2025, the rate for the Social Security tax is 6.2% for the employee and 6.2% for the employer, or 12.4% total. The tax the first $168,600 in 2024 and the first $176,100 in 2025. The Social ...

The NASI survey looked at two Social Security proposals concerning the payroll tax cap: raising it to $400,000 or eliminating ...

Self-employed people are often solely responsible for paying the Social Security and Medicare taxes that they would otherwise ...

The credit of up to $5,000 per paid employee offsets the employer's 6.2% share of Social Security taxes, with the excess refundable. Eligible employers are those who have had to shut down or ...

House Budget 2025 bill passes the House, and awaits Senate deliberation. The proposed bill could result in tax cuts on ...

Many people still misunderstand how the system works and why there isn't enough money to keep it strong for the immediate ...