24. March 2015 06:53
Usually employers need to withhold Social Security tax from employees’ paychecks. 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.
The 2015 tax rate for Social Security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The maximum wage that is subject to the tax for year 2015 is $118,500.
Refer to Publication 15, (Circular E), Employer's Tax Guide, for more information; or Publication 51, (Circular A), Agricultural Employer’s Tax Guide, for agricultural employers.
Both ezPaycheck payroll software and ezAccounting software can calculate Soecial Security tax and other payroll taxes automatically based on current tax table.