Calculate My Social Security And Medicare Tax

You can use the retirement estimator if you have enough social security credits to qualify for benefits and you are not.

Calculate my social security and medicare tax.

These calculators do not show the additional medicare tax applied to high incomes starting in 2013. Social security tax limit for 2017 is 7 886 40. Who can use the retirement estimator. Multiply the current social security tax rate by the amount of gross wages subject to social security.

The fica tax federal insurance contribution act tax is an employee payroll tax that funds social security benefits and medicare health insurance. Benefit estimates depend on your date of birth and on your earnings history. Social security and medicare withholding rates. The current rate for medicare is 1 45 for the employer and 1 45 for the employee or 2 9 total.

Your military service railroad employment or pensions earned through work for which you did not pay social security tax. For 2017 there is a very large increase in the social security income limit from 118 500 to 127 200. In sally s example above assuming all of her wages are included for social security purposes her fica withholding for each paycheck would be 98 81. Bob s medicare taxes would be calculated as.

They both pay 7 65 6 2 for social security and 1 45 for medicare of their income to fica the combined contribution totaling 15 3. If your wages and tips are subject to either social security tax or the tier 1 part of railroad retirement tax or both and total at least 132 900 do not pay the 12 4 social security part of the se tax on any of your net earnings. 90000 10 9000 so the employee social security tax would be 9 000 00 in this instance. Employee medicare i x rmed.

Different rates apply for these taxes. For security the quick calculator does not access your earnings record. Currently receiving benefits on your own social security record. Using our example numbers.

Since 137 700 divided by 6 420 is 21 4 this threshold is reached after. The tax is split between employers and employees. However you must pay the 2 9 medicare part of the se tax on all of your net earnings. Though medicare tax is due on the entire salary only the first 137 700 is subject to the social security tax for 2020.

Using our example numbers. Employee social security i or thss whichever is lower x rss. The current tax rate for social security is 6 2 for the employer and 6 2 for the employee or 12 4 total. 100000 5 5000 so the employee medicare tax would be 5 000 00 in this instance.

Instead it will estimate your earnings based on information you provide.