Calculate My Social Security And Medicare Tax

Calculate the social security withholding.

Calculate my social security and medicare tax.

The current tax rate for social security is 6 2 for the employer and 6 2 for the employee or 12 4 total. The tax is split between employers and employees. One of the differences between social security and medicare is that social security is taxed only on the first 127 200 of taxable wages or 7 886 40 in taxes. You can use the retirement estimator if you have enough social security credits to qualify for benefits and you are not.

They both pay 7 65 6 2 for social security and 1 45 for medicare of their income to fica the combined contribution totaling 15 3. Currently receiving benefits on your own social security record. 100000 5 5000 so the employee medicare tax would be 5 000 00 in this instance. Social security tax limit for 2017 is 7 886 40.

Instead it will estimate your earnings based on information you provide. So benefit estimates made by the quick calculator are rough. Using our example numbers. 90000 10 9000 so the employee social security tax would be 9 000 00 in this instance.

Bob s medicare taxes would be calculated as. Social security and medicare withholding rates. Employee medicare i x rmed. For security the quick calculator does not access your earnings record.

These calculators do not show the additional medicare tax applied to high incomes starting in 2013. The current rate for medicare is 1 45 for the employer and 1 45 for the employee or 2 9 total. For 2017 there is a very large increase in the social security income limit from 118 500 to 127 200. Employee social security i or thss whichever is lower x rss.

Multiply the current social security tax rate by the amount of gross wages subject to social security. In sally s example above assuming all of her wages are included for social security purposes her fica withholding for each paycheck would be 98 81. Different rates apply for these taxes. Though medicare tax is due on the entire salary only the first 137 700 is subject to the social security tax for 2020.

The fica tax federal insurance contribution act tax is an employee payroll tax that funds social security benefits and medicare health insurance. Who can use the retirement estimator. Using our example numbers. Since 137 700 divided by 6 420 is 21 4 this threshold is reached after.

Benefit estimates depend on your date of birth and on your earnings history.