Answer :
For employed wage earners, their Social Security portion stands at 6.2% on earnings up to the taxable maximum. Their Medicare portion exists 1.45% of all earnings.
What is Social Security tax?
Some Social Security recipients are required to pay federal income taxes on their benefits. Nobody, however, pays taxes on their Social Security income in excess of 85%. If you file a federal tax return as a "person" and your "combined income" is more than $25,000, you must pay taxes on your benefits.
The retirement, disability, and survivorship benefits that the Social Security Administration provides to millions of Americans each year are paid for by Social Security taxes. On a maximum pay base of $142,800 in 2021, the Social Security tax rate is 12.4%, split equally between employers and employees. Taxes are paid to the funds on up to 50% of the benefits received from single filers with incomes over $25,000 and joint filers with incomes over $32,000.
Hence, For employed wage earners, their Social Security portion stands at 6.2% on earnings up to the taxable maximum. Their Medicare portion exists 1.45% of all earnings.
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