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How Do I Calculate Social Security and Medicare Taxes?

by rlcoch01 last modified Jan 15, 2009 05:54 PM

Both social security and Medicare taxes are a fixed percentage of your wages.  In 2009, your employer will withhold 6.2% of your pay for social security taxes, and 1.45% for Medicare taxes.  That means your total FICA taxes add up to 7.65% of your wages.

 

Social social wage limit.  In 2009, any wages you earn above $106,800 won't be subject to social security. The most you can pay in social security taxes in 2009 is $6,621.60 ($106,800 x .062).  There's no upper limit on Medicar tax, though.  Medicare taxes will be withheld from all wages paid to you.

 

If you're holding down more than one job.  If you're working for more than one employer, each employer has to withhold social security and Medicare taxes from your paychecks.  You can't combine your earnings from your different jobs to see if you've hit the social security wage limit.  If you end up paying more in social security taxes than the law allows (more than $6,621.60 in 2009), you can get a refund when you file your income tax return.

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