What Is Social Security Tax?

by admin 31. August 2011 10:32

The Social Security tax is a payroll tax that was started by the United States Government in the 1930s. This tax is imposed upon working people and their employers.

 

For 2011, the maximum taxable earnings amount for Social Security is $106,800. The Social Security tax (OASDI) rate for wages paid in 2011 is 4.2 percent for employees and 6.2 percent for employers. 

 

For example, an individual with wages equal to or more than $106,800 would contribute $4,485.60 to Social Security in 2011.  The employer would contribute $6,621.60.

 

Related Link:

 

Federal Income tax Table

http://www.halfpricesoft.com/federal_income_tax_2011.asp

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Pay More Social Security Tax in Year 2012? IRS Proposed Social Security Wage Base Increases

by admin 31. August 2011 07:56

The Social Security Administration has released the proposed figures for the increase in the wage base for taxation for 2012 and projected some figures for the years up to 2015.

 

The Social Security wage base, now at $106,800, is projected to increase to $110,700 in 2012, according to the annual report of the Social Security Board of Trustees. Also – in 2012, the temporary 2% reduction in the Social Security withholding tax will expire.

 

This will increase the social security tax paid by high wage earners from $4,485.60 (in Year 2011) to $6,863 (in Year 2012).

 

Future wage bases have been projected for the years up to 2015 as well:  for 2013, the base is projected at $113,100; for 2014, $117,600; and for 2015, $122,700.

 

Related link:

 

Current federal income tax table:

http://www.halfpricesoft.com/federal_income_tax_2011.asp

 

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