How much is Social Security Tax?

Question: How much is Social Security Tax?

Answer: Social Security tax has always been 15.3% since 1990.  The 15.3% percent is shared between the employer and the employee.  Meaning, if you worked at Walmart and earned $100, you have to pay 7.65% or $76.50 and Walmart, the employer, has to pay 7.65% or $76.50.

The social security tax is capped when earning reaches $117,000 for tax year 2014.  Meaning any income over $117,000 will NOT be subjected to Social Security Tax.

Social Security is often refer as FICA Tax.



(Visited 3 times, 1 visits today)