Social Security tax withholding rates:The Social Security tax pays for government retirement and disability benefits that help a great many Americans every year. Very much like Medicare, the two businesses and workers should pay the Social Security tax. Also, very much like Medicare, independently e...
There's a problem with the FICA tax because Social Security and Medicare are so poorly run by the government. The government itself estimates thatSocial Security is underfundedby around 25% – 30%. Either payouts must decrease by 30%, or the minimum age to start receiving Social Security must...
2023, the two 6.2% rates apply to an employee’s earnings up to $160,200, compared with $147,000 the previous year. for self-employed people, the 2022 and 2023 social security tax rate is 12.4%. their income cap was also $147,000 for 2022 and is $160,200 for 2023. medicare tax...