CREDIT GETIMAGE
CREDIT GETIMAGE
CREDIT GETIMAGE
The current Social Security tax rate is 6.2% for the individual and 6.2% for the employee, or 12.4% in total. Medicare's current rate is 1.45% for the individual and 1.45% for the employee, or 2.9% in total.
CREDIT GETIMAGE
CREDIT GETIMAGE
If you file as an individual if your total income is less than $25,000, your Social Security is not taxable.
CREDIT GETIMAGE
CREDIT GETIMAGE
Yes, you must also include bonus amounts when calculating unemployment tax, Social Security maximum and additional Medicare tax.
CREDIT GETIMAGE
Next steps