Question

How does one determine the amount of social security and medicare taxes to be withheld from...

How does one determine the amount of social security and medicare taxes to be withheld from an employee, employer?

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Answer #1

The current tax rate for social security are - 6.2% for the employer , same portion in case of employee also on Medicare taxes the rate is 1.45% each for both employer and employee in addition to the abiab the additional withholding rate are in following cases it's applies to a individual who's medicMed wages exceeds threshold limit based on his or her tax filing status in this case employer are responsible for withholding additional rate i.e 0.9% this is in addition to normal rate of 1.45% . - Hope this is helpful

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