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> and only a part of your income if you make over about $100k for Social Security More precisely, 6.2% on a wage base limit of $127,200 for calendar year 2017,
by metaphor 9y ago
> and only a part of your income if you make over about $100k for Social Security
More precisely, 6.2% on a wage base limit of $127,200 for calendar year 2017, which amounts to $7,886.40 per person; 1.45% for Medicare without a cap, and an additional 0.9% withholding in excess of $200,000.
For the unindoctrinated, the IRS publishes these (and other related) details under Notice 1036[1] every year circa December.
[1] https://www.irs.gov/forms-pubs/about-notice-1036 https://www.irs.gov/forms-pubs/about-notice-1036
- njarboe 9y agoPlus, I believe, the employer part which is another 6.2% on a wage base limit of $127,200. A bit hidden away so you don't think about it too much.
- metaphor 9y agoYeah, employer pays the same 6.2% and 1.45%, respectively...except for the additional 0.9% Medicare conditional, which is withheld from the employee only. The self-employed effectively pay double out of pocket.