In 2023 and 2024, the Social Security tax rate is 6.2% for employees and 12.4% for the self-employed. The combined federal tax rates for Social Security andMedicareare 7.65% and 15.3% for employees and self-employed, respectively.11
You may pay federal taxes on your Social Security benefits if you fit in one of these categories [13]: You are a single filer with a combined income of more than $25,000. You file a joint tax return with a combined income of more than $32,000. You file a separate tax return ...