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The current tax rate for Social Security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total.
If you are working, there is a limit on the amount of your earnings that is taxable by Social Security. This amount is known as the “maximum taxable earnings” and changes each year. The maximum taxable earnings have changed over the years, as shown in the chart below.
The wage base or earnings limit for the 6.2% Social Security tax rises every year. The 2024 limit is $168,600, up from $160,200 in 2023.
The Social Security tax limit refers to the maximum amount of earnings that are subject to Social Security tax. For 2024, the Social Security tax limit is $168,600. Workers earning less than...
The Social Security payroll tax rate is 12.4%, with workers paying 6.2% through paycheck deductions. Employers pay the other 6.2%. For 2025, workers will pay 6.2% on earnings up to $176,100,...
The Social Security tax limit will rise to $176,100 in 2025. (The 2024 tax limit is $168,600.) This 4.4% increase is less than the 5.2% jump from 2023 to 2024. Still, if you earn more than ...
Social Security is financed by a 12.4 percent payroll tax on wages up to the taxable earnings cap, with half (6.2 percent) paid by workers and the other half paid by employers. Self-employed...