What Is the Social Security Tax Rate?
Nearly everyone who earns an income is subject to taxes based on the current Social Security tax rate. The Social Security tax rates are set by law, and the proceeds are used to pay for important social services, including Social Security’s Old-Age, Survivors, and Disability Insurance.In 2015, the tax rate for Social Security was 6.2% of an employee’s income for the employee and employer, each, or 12.4% for self-employed workers. These rates have been largely unchanged since 1990, with lower rates for employees in 2011 and 2012. Current Social Security tax rates can be found on the Social Security Administration’s website…Read More